- Danielle Wightman-Stone |
PayPal, which offers online shoppers an alternative to paying by card, is expanding beyond its digital wallet to offer UK shoppers PayPal Credit to spend online and spread the cost in instalments of up to 24 months.
Available to existing and new PayPal account holders, customers can apply to add a credit limit to their digital wallet. If approved, PayPal Credit is available straight away to start using at hundreds of thousands of online stores that accept PayPal.
The service also allows customers to spread the cost of larger purchases over longer periods with monthly instalments up to 24 months, with promotional interest rates starting from 0 percent. Retailers, where shoppers can use PayPal Credit, includes Blacks, Chain Reaction Cycles, Dyson, Millets, Samsung, Simply Games and Ultimate Outdoors.
PayPal Credit has been integrated into the retailers’ online check-out so consumers can see upfront how much they will pay each month. To access the credit customers just have to complete a simple application form, which the company states will take minutes, and they will then receive an instant decision at the point of purchase.
Additionally, consumers can use their credit line as a way to pay with their PayPal digital wallet. All purchases over 150 pounds automatically qualify for 0 percent interest for 4 months, excluding instalments. This offer does not expire after one use and applies to every purchase over 150 pounds with PayPal Credit.
PayPal UK managing director Cameron McLean said: “We are using technology to reimagine money. For consumers, it’s about giving them more choice and convenience when shopping online. For businesses, we are enabling them to grow and offer their customers greater payment flexibility.
“It’s a sign of things to come. As a newly-independent company, we will continue to partner with retailers to find new, improved ways for people to pay.”