PayPal a US-based financial service organization that offers online payments solutions to make commerce and financial services more affordable, convenient, and secure has announced its newest BNPL (Buy Now Pay Later). WebBank, which enables American customers for a longer period, has issued the newest BNPL offering of PayPal.

Pay Monthly and PayPal Pay in 4, the two pay later products of PayPal enable customers to select their repayment method and choose automated payment in real-time while doing transaction with no late fee. Pay Monthly will enable PayPal consumers to access new offering through its platform giving them more choices to pay for the products/services they need or want.

Greg Lisiewski, Vice President of Shopping and Pay Later, PayPal, stated, “How consumers look to pay for larger purchases is evolving, and there is a growing demand for flexible payment options with 22 million PayPal customers using our pay later offering this past year. Pay Monthly builds on our commitment to deliver leading payment solutions that offer customers choice to ensure checkout matches their needs and budgeting preferences.”

Pay Monthly also provides a choice to select between bank account or debit card for repayment and easily manage payments online or via PayPal app. At the same time, PayPal Purchase Protection safeguards the transactions and gives peace of mind to consumers. 

Pay Monthly Key Features-

  • Automatically available for vendors.
  • No additional cost added.
  • No installation risks 
  • Easy back-office integration to add as a payment option. 

Alike Pay Monthly, Pay in 4 allows vendors to add dynamic messaging to provide relevant Pay Later options given to consumers earlier in their shopping lifecycle to inform them about the options to spread out payments at checkout.

Read: Buy Now Pay Later (BNPL): What it Means in FinTech?