PayPal, the newly-independent company after separating its ways from e-bay has started to expand its business outside of the United States. The company has introduced PayPal Credit in the U.K to expand its business in the international market. PayPal Credit can be used to buy goods online instead of using plastic credit cards.
PayPal credit allows you to purchase goods online even if you do not have credit in your bank account. PayPal credit has announced an eye catching plan in U.K. According to the plan you can make a purchase of £150 at 0% interest for the first four months. After the first four months, consumers will be charged with the standard interest rate of 17.9 percent.
This plan will be viable for only those sites which are PayPal enabled. There are a few retailers who have shown their support for the service which include Dyson, Samsung, Millets and Blacks for incentivized installment plans. These retailers will be offering PayPal credit with 0 percent interest to its consumers although the terms may vary for each store.
PayPal Credit was first introduced in U.S back in 2014 where you get 0 percent interest on purchasing goods for $99. This is the first time that the service has been introduced outside the United States of America.
Consumers can apply online for PayPal digital wallets via PayPal’s site. After you have passed the credit check and a credit limit is added to your account, you will be able to purchase goods online.
“Today’s announcement is another example of how PayPal is so much more than a button on a website,”
Said Cameron McLean, Managing Director of PayPal U.K., in a statement.
“We are using technology to re-imagine 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.”