PayPal is promoting its services in the UK and announces the launch of PayPal Credit in the country. Thus, the company keeps to its intention to develop and present new and improved ways for people to pay.
PayPal Credit is now available for existing and new PayPal account holders in the UK. They can apply to add a credit limit to their digital wallet in two ways: through the official PayPal website, or through selected retailers such as Blacks, Chain Reaction Cycles, Dyson, Millets, Samsung, Simply Games and Ultimate Outdoors.
PayPal enables its customers an option to make purchases online with PayPal Credit across all PayPal-enabled sites. Purchases over £150 ($212) are subject to 0 percent interest while agreements with selected retailers provide specific interest rates on their websites. To compare, PayPal offers an interest-free option in the U.S. at less than half that price, $99.
Customers using PayPal Credit can view their purchases and take control over their account constantly online, in the PayPal app or over the phone. It gives an opportunity to spread the cost with an offer and even repay early with no additional charges.
PayPal is expanding its credit services to make its platform more appealing and convenient for retailers, who are offered a range of competing options when it comes to giving their customers ways to pay for goods.
“Today’s announcement is another example of how PayPal is so much more than a button on a website,” said Cameron McLean, Managing Director of PayPal U.K., in a statement. “We are using technology to reimagine money. For consumers, it’s about giving them more choice and convenience when shopping online. For businesses, we are enabling them to grow and offer their customers greater payment flexibility. It’s a sign of things to come. As a newly independent company, we will continue to partner with retailers to find new, improved ways for people to pay.”
PayPal has recently allowed its customers to accept payments in bitcoin. The platform “supports growth with a variety of value-added services designed to help businesses of all sizes manage their cash flow, invoice clients, pay bills, and reduce the need for merchants to receive and store sensitive customer financial information.”
Initially, PayPal announced it would accept Bitcoin via integration with Braintree in September last year. Later it announced partnerships with Coinbase, BitPay and GoCoin.
“PayPal is playing the role of the intermediary, but the cost will be left up to the merchant and the payment processor,” said Scott Ellison, PayPal’s senior director of competitive intelligence and corporate strategy.