Starting this week, PayPal users in the United Kingdom can now spread out the cost of larger purchases when using PayPal at an online retailer or paying with their PayPal digital wallet.
Eligible customers may now enjoy interest-free financing on purchases over £150 ($212) for four months, thanks to the launch of PayPal Credit. After that the rate is 17.9%.
PayPal has partnered with a handful of online retailers to integrate a range of financing deals within their checkout experience:
- Chain Reaction Cycles
- Simply Games
- Ultimate Outdoors
Interest rates start at 0% with terms of up to 24 months.
U.S. customers have used this feature since PayPal acquired Bill Me Later in 2008. In 2014, the San Jose-based company rebranded the service to PayPal Credit and began offering U.S. consumers interest-free financing on purchases over $99.
PayPal was founded in 1998 and works in 203 countries and markets. Its 179 million active accounts allow customers to get paid in more than 100 currencies, withdraw funds to their bank account in 57 currencies and hold a balance in their PayPal account in 26 currencies. Last year, 28% of the 4.9 billion payments the company processed were made on a mobile device.
PayPal’s Braintree Developer Evangelist, Justin Woo, presented at FinDEVr New York 2016 last month:
PayPal’s last Finovate demo was at FinovateEurope 2012 where it debuted Instant Account Creation.