Americans' willingness to spend increases! PayPal launches "Pay Monthly" installment payment service!

AMZ learned that according to foreign media reports, PayPal recently announced that it will launch "Pay Monthly", a new buy now, pay later (BNPL) service, with installment amounts up to US$10,000 and installment periods up to 24 months/2 years.

According to PayPal, Pay Monthly is suitable for large purchases of $199 to $10,000. If users want to obtain this payment service, they need to submit an application. Once approved, users will receive three different installment plans with an annual interest rate range of 0%-29.99%. Users can compare and choose the most suitable plan. When repaying, users can choose to use a debit card or bank account to repay, and manage and track payments through the PayPal application.

PayPal said that Pay Monthly will be automatically provided to merchants without additional fees or risks, and can be used by simply adding it as a payment option. Similar to "Pay in 4", merchants can also add dynamic information to provide relevant installment payment options. These options will be presented to users during the shopping process, so that they know that they can choose installment services when paying.

It is understood that Pay in 4 is another "buy now, pay later" service provided by PayPal, which supports consumers to divide the bill into 4 installments within 6 weeks (starting from the day of purchase) and is applicable to consumption between US$30 and US$1,500.

According to a recent study by PayPal, 65% of Americans are saving money to buy big items, and their willingness to spend large amounts of money is increasing; 79% of people are making spending plans and seeking to maintain a budget, and are increasingly seeking flexible payment methods.

Greg Lisiewski, vice president of buy now, pay later at PayPal, said: "In 2021, 22 million users used our installment payment service. Consumer demand for flexible payment methods continues to grow, especially when purchasing large items. Pay Monthly ensures that checkout is more in line with consumer needs and budget preferences."

Editor ✎ Nicole/

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