Along with the growth of digital commerce in recent years, the ecosystem of online payments has also been immersed in a process of evolution. In this way, they have adapted to the new demands of consumers who demand more flexible options adjusted to their budgets, which has led to the rise of alternative means of payment and even greater acceptance of cryptocurrencies.
In this trend of renewal of the payment panorama, the options of Buy Now, Pay Later (BNPL) They have been especially accepted by a large part of the consumer community, starting with the United States, where it has emerged and now expanding strongly in Spain and other European countries.
PayPal enters the payment deferral market
As a result of the increase in digital consumption and the proliferation of alternative means of payment, one of the veterans of the sector such as PayPal has been gaining more relevance within the digital economy, evolving and adding new functions.
Thus, we have seen how during the year it has announced different updates on its payment methods, among which the In the same way, now stands out, with which it will allow Spanish users to pay their purchases in installments and no interest no commissions in operations between €30 and €2,000.
According to a study conducted by PayPal, 71% of BNPL users say that this method helps them manage their budget. On the other hand, 70% of users in the millennial and generation Z communities indicate that it helps them make better purchases and balance expenses. Taking this into account, the company intends to offer greater flexibility to its users, this being one of the main demands of consumers.
“We are very happy to bring this service to the Spanish market, as we have detected an increase in the adoption of online payment solutions among Spanish consumers and sellers. The growth and usage of Shop Now, Pay Later has skyrocketed in the last two years. PayPal’s “Pay in 3 installments” allows Spaniards to distribute payments over time with the peace of mind that PayPal provides.” It states Greg Lisiewski, Vice President of Global Pay Later at PayPal.
How the “Pay in 3 installments” option works
According to PayPal, this new modality will provide the opportunity to pay for purchases in 3 installments to be paid within a period of 2 months. In addition, it has the possibility of repay the installment payments in advance at no additional cost.
Applying the Payment method in 3 installments is quite simple, for this the client only has to follow these steps:
- Select PayPal as the payment method at checkout.
- Select the “Pay in 3 installments” option, which will appear below the card mode.
- Next, it will show the estimate of each installment along with the payment dates of each one, with the option of continue.
- And, finally, all that remains is to complete the purchase and enjoy the purchased product while paying comfortably in interest-free installments.
Of course, as the company explains, using this function is at the expense of the PayPal’s own authorizationwhich will check if both client and operation are compliant. “We may carry out an inquiry with a credit reference agency at the time of application. In addition, we may need to provide credit reference agencies with information about how you handle installment payments. Therefore, it is important that you are in a position to meet the payment deadlines and that you are calm that they are assumable»PayPal explains to its users.
Customers will be able to view the status of their payment plan at any time from their PayPal profile.
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