PayPal is adding a new tool that will allow shoppers to pay for goods in interest-free instalments in a boost for struggling consumers and online retailers on its payments platform.
The company said “Pay in 3” would be available for purchases between £45 and £2,000 from the end of the month.
It explained that the feature allows people to pay for items in three monthly instalments at a time when incomes are squeezed by the COVID-19 crisis.
Under the scheme, PayPal covers the full cost of the goods for the retailer or business at point of sale, and automatically takes the payment instalments on their due date.
It said there were no charges for either the retailer or customer, though a missed payment would result in a flat £12 fee.
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