PayPal announced on Wednesday the launch of PayPal Pay in 3, which will enable UK businesses of all sizes to offer buy now, pay later payments without taking on additional risk, or paying additional fees.
PayPal reported through PayPal Pay in 3, businesses can offer their customers the option of making purchases between £45 and £2,000 by paying over three, interest-free payments, with seamless automatic re-payments each month. PayPal Pay in 3 will also appear in the customer’s PayPal wallet, so they can manage their payments online or via the PayPal app.
“PayPal Pay in 3 will help businesses drive checkout conversion, revenue and customer loyalty, with the option included in the business’s existing PayPal pricing, paying no additional fees to enable it for their customers. PayPal will pay the business or retailer upfront for the full cost of the purchase.”
Rob Harper, UK Director of Enterprise Accounts at PayPal, spoke about the launch by stating:
“During the coronavirus pandemic, we have seen the number of people in the UK shopping online increase dramatically. At the same time, many more consumers are looking to spread the cost of those purchases. We have developed PayPal Pay in 3 to meet that need, building on our heritage as a responsible lender through PayPal Credit, which we launched in the UK in 2014, and has served more than two million customers to date.”
Harper went on to add that he and his team will continue to support for UK retailers and businesses through these challenging times by helping them adapt to changing consumer behaviors around how they shop and pay, especially in the lead up to Black Friday and Christmas.
“PayPal Pay in 3 offers a flexible way for over 24 million PayPal users to shop while providing companies with a tool that helps drive sales, loyalty and customer choice.”