This week PayPal introduces its brand new service Pay Monthly, a buy now pay later (BNPL) package. Currently, the new products is available only to US-based PayPal users.
Clients can now make purchase ranging from $199 to $10 000, and can repay the amount over a maximum of a 24 months period. The service is available to merchants for free, and there is no need for back-office integration procedures to access it.
PayPal detailed the whole process. Users will have to complete an application after selecting the Pay Monthly option that must be approved before moving on. Next, the user will have a choice between three different plans, each having a differing repayment period as well as three separate risk-based annual interest rates. These range from 0% to 29.99%. Repayment can happen either by debit card or wire transfer.
Pay Monthly gives users unprecedented flexibility in choice by matching the clients’ needs with their current budget capabilities, as revealed by Greg Lisiewski, the Vice President of Shopping at PayPal. He also adds that retail consumer nowadays evolve as larger and larger payments are in high demand; the Pay Monthly fits perfectly into that need.
Meanwhile, PayPal recently reveled that it would be supporting native crypto transfers between PayPal and external wallets, as well as exchanges.