Press release
PayPal Introduces 'Pay Monthly' to Give Consumers More Choice at Checkout
Expansion of 'Buy Now Pay Later' product suite offers new flexible monthly payments with no late fees in the U.S. SAN JOSE, Calif., June 15, 2022 /PRNewswire/
About this update from Paypal Holdings, Inc.
[{"type":"text","content":"Expansion of 'Buy Now Pay Later' product suite offers new flexible monthly payments with no late fees in the U.S.\nSAN JOSE, Calif., June 15, 2022 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced PayPal Pay Monthly1, its newest buy now, pay later offering, issued by WebBank, which gives U.S. consumers the ability to spread payments out over longer periods of time. With the addition of Pay Monthly, customers will have access to a new offering through PayPal that gives them greater flexibility and even more choices to pay for the items they want and need.\n\n \n \n \n \n \n \n\n \nA recent study found that 65% of Americans are saving for a big purchase, and 79% are looking to create and maintain a budget2, which has created a growing need for shoppers to buy the items they want in manageable payments. Pay Monthly is a new way for customers to make large purchases between $199-$10,000 and lets them break the total cost into monthly payments over a 6–24-month period, with the first payment due one month after purchase. Once a customer selects Pay Monthly, they will complete an application at checkout and, if approved, will be presented with up to three different plans of varying lengths with risk-based APR ranging from 0%-29.99%. Customers can then compare and select the option that best suits their budget.\n\"How consumers look to pay for larger purchases is evolving and there is a growing demand for flexible payment options with 22 million PayPal customers using our pay later offering this past year,\" said Greg Lisiewski, Vice President of Shopping and Pay Later at PayPal. \"Pay Monthly builds on our commitment to deliver leading payment solutions that offer customers choice to ensure checkout matches their needs and budgeting preferences.\"\nThe pay later products through PayPal, including Pay Monthly and PayPal Pay in 4, have no late fees and allow consumers to choose their repayment method and select automatic payments up front when completing their transaction. With Pay Monthly, customers can select between using their debit card or bank account for repayment and seamlessly manage and track payments through the PayPal app and online. Plus, consumers have the peace-of-mind that comes with knowing their purchases are backed by PayPal Purchase Protection. Customers will have the option to select Pay Monthly f...