PayPal has launched Pay in 4, a short-term interest-free buy-now-pay-later instalment offering for merchants in the US.
As online purchases increase and consumers look for more ways to save due to Covid-19, buy-now-pay-later has accelerated in popularity.
PayPal says Pay in 4 can help merchants drive conversion, revenue and customer loyalty without taking on additional risk or paying any additional fees.
Merchants get paid upfront while customers pay for purchases between $30 and $600 in four instalments over a six-week period with no fees or interest.
Doug Bland, SVP, global credit, PayPal, says: "With Pay in 4, we're building on our history as the originator in the buy now, pay later space, coupled with PayPal's trust and ubiquity, to enable a responsible and flexible way for consumers to shop while providing merchants with a tool that helps drive sales, loyalty and customer choice."