PayPal has launched its own “buy now, pay later” (BNPL) scheme in a major challenge to market leaders like Klarna and Afterpay.
‘Pay in 4’ will be freely available to all merchants who accept PayPal as a payments option, which covers a whopping 79 per cent of the top 100 online merchants.
It will allow shoppers to pay for purchases of between $30 and $600 by putting down just 25 per cent of the purchase value, then pay the rest in interest-free instalments across six weeks.
