PayPal has expanded beyond its digital wallet to help UK consumers spread the cost of their online shopping. Millions of consumers can now apply online for PayPal Credit, a digital alternative to plastic credit cards.
Available to existing and new PayPal account holders, PayPal Credit is a way to pay online and on mobile. Consumers can apply directly at the PayPal website or through selected retailers to add a credit limit to their digital wallet. If approved, PayPal Credit is available straight away to start using at hundreds of thousands of online stores that accept PayPal. PayPal Credit also allows consumers to spread the cost of larger purchases over longer periods with monthly instalment offers at selected UK online retailers.
Eligible customers can spread the cost of buying anything from a smartphone to a city bike, with promotional interest rates starting from 0%. Instalment offers for up to 24 months are available at Blacks, Chain Reaction Cycles, Dyson, Millets, Samsung, Simply Games and Ultimate Outdoors.
PayPal Credit has been seamlessly integrated into the retailers’ online check-out so consumers can see upfront how much they will pay each month; complete the simple application form in minutes; and receive an instant decision at the point of purchase.
The offer periods and applicable interest rates vary by retailer. Full details are available in the Notes to Editors section.
Additionally consumers can use their credit line as a way to pay with their PayPal digital wallet. All purchases over £150 automatically qualify for 0% interest for 4 months (excluding instalments). This offer does not expire after one use, and applies to every purchase over £150 with PayPal Credit.
“We are using technology to reimagine money,” said MD of PayPal UK Cameron McLean. “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.”
PayPal Credit was first offered to select UK consumers in 2014 is now available nationwide.