PayPal Rolls Out PayPal Credit in U.K.
April 18, 2016
Online payment pioneer PayPal said it is rolling out PayPal Credit in the U.K. The service, which has been available in the country since 2014 in pilot form after PayPal rebranded 2008 acquisition BillMeLater, enables users to make installment payments for online purchases without a credit card. The move has been characterized as a way for PayPal to engage a more international audience. The service charges a standard variable rate currently set at 17.9 percent, but all purchases that exceed £150 ($212.71) qualify for 0 percent interest for four months. Select retailers, including Blacks, Dyson, Samsung and Ultimate Outdoors also are offering low promotional rates.
“PayPal Credit has been seamlessly integrated into the retailers’ online checkout so consumers can: see upfront how much they will pay each month; complete the simple application form in minutes; and receive an instant decision at the point of purchase,” the company said in a post on its corporate blog. “PayPal Credit gives consumers the ability to view their purchases and manage their account any time online, in the PayPal app or over the phone. There’s the flexibility to spread the cost with an offer, or even repay early with no additional charges.”