Online payment solutions giant PayPal announced that it has launched its buy now pay later solution ‘Pay in 4’ in Australia. The BNPL solution has been launched in a country where buy now pay later giants like Afterpay and ZipPay compete for market share. The fintech says that it has more than 9 million active users in Australia and will roll out its BNPL solution in Australia by June 2021. 

Global financial technology solutions provider PayPal said that Pay in 4 will provide an interest-free buy now, pay later solution to its consumers and that too at no additional cost to PayPal business customers.

How to use Pay in 4 by PayPal?

Customer can use Pay in 4 in two ways:

  1. When a customer pays for their purchases using the standard PayPal button, it will appear at the time of checkout in the PayPal wallet as a payment option. Businesses will also be able to present PayPal’s ‘Pay in 4’ as a payment option on their website. 
  2. As Pay in 4 is a payment option in the PayPal wallet, it’ll be available for consumers to use at millions of Australian as well as millions of global businesses that accept PayPal.

The protections and security offered by the PayPal platform will also apply for transactions made using Pay in 4. Eligible BNPL purchases will be covered by PayPal’s Buyer Protection. This means that if a product doesn’t arrive, PayPal can refund the full purchase price (including delivery). Businesses and enterprises will benefit from the advanced decisioning process of  PayPal to prevent fraud while shoppers and they will be covered by the Seller Protection policy of PayPal for eligible transactions. 

SEE ALSO: Global fintech giant Stripe raises $733 million in its latest funding round

More on PayPal Pay in 4 launching in Australia

General Manager, Payments at PayPal Australia, Andrew Toon said that Aussie customers are looking for more variety and flexibility, and PayPal Pay in 4 aims to give them yet another way to purchase securely using PayPal. 

Toons adds that the digital wallet of PayPal is the only solution which offers multiple ways to pay all in the one place, instantly with a debit card or credit card, 21 days later with their Pay After Delivery option and now, in 4 interest-free instalments using PayPal Pay in 4. 

According to the company, Australian business customers have been requesting the buy now pay later functionality from them and they’re super excited that they can offer PayPal Pay in 4 to them at no additional cost. 

Shopping habits are ever changing. During the pandemic, shopping habits shifted to online at an unprecedented rate. PayPal will continue supporting Australian businesses, small, big and large, to adapt to the changing consumer behaviour by evolving their service to meet the needs of the businesses.

SEE ALSO: Eftpos Announces Plans of Rolling Out National QR Code Payments Network

For more updates and latest tech news, keep reading iTMunch!

Image Courtesy: Flickr