PayPal to rival Klarna, Afterpay in UK with Pay in 3  

October 15, 2020 | Consumer Lending

Written by FinTech Alliance

PayPal to rival Klarna, Afterpay in UK with Pay in 3  

PayPal has entered the UK’s growing buy now, pay later market.  

In Brief:  

  • It has launched a service to let UK consumers pay for purchases in three monthly installments.  

  • Interest-free payments will be available for purchases between £45 and £2000.  

  • Repayments will be automated each month.  

What does this mean?  

PayPal has already signed up a number of retailers including French Connection and Ryman. The company says being able to pay by installments will help consumers spread the cost of purchases during an uncertain economic climate. £12 will be charged for any missed payments.  

Read more here.    

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