PayPal joins the ‘buy now, pay later’ race with new ‘Pay in 4’ installment program
PayPal introduced a new installment credit option for PayPal users called “Pay in 4.” Pay in 4 builds on PayPal’s tests with Easy Payments.The service is an expansion on PayPal’s existing lineup of Pay Later solutions, which also includes PayPal Credit’s revolving credit line and its Easy Payments.
With Pay in 4, customers can choose to pay for purchases between $30 and $600 over a six-week period. Because it’s included with the merchant’s existing PayPal pricing, they won’t have to pay more fees to offer the option to their customers — as they do with several competitive “buy now, pay later” services.
For customers, the short-term payment option allows U.S. customers to pay for a purchase over time, without fees or interest. After their initial payment, the remaining three payments are automated. The feature will also appear in the customer’s PayPal wallet, where the payments can be managed.