Customers can now choose to pay in monthly instalments over a period between 6 and 24 months.

PayPal (NASDAQ: PYPL) has launched “PayPal Pay Monthly,” its latest BNPL product, aimed at offering customers more choices and flexibility for making payments. The product is addressing the issue of credit card debt, now a serious problem amidst 40-year record inflation, rising interest rates and fears of an impending recession. (ZDNet)

“As the macroeconomic environment continues to evolve, consumers are looking for ways to stretch their finances and have greater control over their purchases,” wrote Apur Shah, Senior Director Global Pay Later at PayPal, in an email.

“There is no one size fits all when it comes to making purchases — and the same is true for the buy now pay later industry,” adds Shah. “We believe having a full portfolio of buy now, pay later plans — in addition to our PayPal Credit revolving credit product — allows consumers more choice to select the option that best suits their preferences and budgeting needs.”

PayPal Pay Monthly

Features:

• Once a customer selects Pay Monthly, they will complete an application at checkout
• if approved, they will be presented with up to three different plans of varying lengths
• APRs ranging from 0% to 29.99%
• Customers can compare and select the option that best suits their budget
• the product covers large purchases of between $199 and $10,000
• allows customers to break the total cost into more manageable monthly payments over a period between 6 and 24 months
• the first payment is due one month after purchase

Related Story: UK Digital Bank Zopa Hops On To The BNPL Bandwagon