PayPal Expands Its UK Offering with ‘Pay in 3’ Option

Exciting technologies might have transformed many areas of our lives in recent years, but they have had a particular impact on how we pay for goods and services.

While cash might have once been king, consumers now have a range of payment options at their disposal with many coming in a digital form. PayPal is a leading name in this area and the company recently confirmed the launch of a new service in the UK.

Buy now, pay later

In the middle of October, PayPal confirmed it was launching the Pay in 3 service, which would allow UK businesses to offer buy now, pay later options to their customers.

The new approach would see consumers make purchases of between £45 and £2,000 through three interest-free payments. The repayments would be made automatically each month, with Pay in 3 appearing in PayPal wallets so customers can keep on top of their situation.

In a statement related to the launch, the company detailed how there had been a major increase in the number of people taking advantage of buy now, pay later options in the UK. It added that the new service would mean many retailers could easily adapt to such trends, with the likes of Ryman and French Connection already looking into it.

Today, PayPal launched PayPal Pay in 3 to help businesses drive checkout conversion, revenue and customer loyalty, included in the business’s existing PayPal pricing, paying no additional fees to enable it for their customers. Find out more here https://t.co/m1dBU6IVaI pic.twitter.com/3ibrnCIBuW

— PayPal UK (@PayPalUK) October 14, 2020

Embraced by many sectors

The introduction of Pay in 3 certainly adds a new string to the bow of the digital payments provider. PayPal was originally established in the US in 1998 and it has gone on to become a major brand which is accepted by a range of sectors all over the world.

Finder.com puts a spotlight on the number of online stores which accept PayPal, with them ranging from fashion brands like ASOS and Burton to health and beauty businesses such as Mankind and Boots. Streaming services like Disney+ and Now TV have also embraced it, while top technology brands including Dell, Samsung and Acer are open to it as well.

PayPal can also be used for breaks abroad, as the likes of Airbnb and Booking.com are thought to accept it. Furthermore, it has also become a key name in the online casino industry in recent years thanks to brands such as LeoVegas. The LeoVegas site outlines how PayPal is accepted as a payment method on its desktop and mobile casino services. This means that LeoVegas members can use it to deposit funds for use on the brand’s selection of online slots and casino games.

A new approach

The digital payments trend has really taken off in recent years and PayPal has arguably become one of the most prominent names in the area. However, the brand is clearly not resting on its laurels, as it is looking to embrace new approaches which offer benefits to both businesses and consumers.

It will be interesting to see whether Pay in 3 proves to be a hit with retailers and their customers, while it will also be exciting to discover what else PayPal might have up its sleeve in the months ahead.