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