Payments provider PayPal has launched its own buy now, pay later (BNPL) solution in Australia, PayPal Pay in Four.
The service will be rolled out to nine million active Australian accounts by early June, in preparation for the End of Financial Year Sales.
The BNPL platform will give consumers the option to pay for goods from $50 to $1500 in four, interest free instalments, with automatic payments drawn every two weeks. No fees will be charged when payments are made on time.
For business customers, the solution comes at no additional cost beyond their existing arrangements and is automatically included with PayPal checkout integration and Braintree integrations.
PayPal Australia GM of payments Andrew Toon said that the launch comes as Australians' shopping behaviours go through a significant change.
"Our Australian business customers have been requesting BNPL functionality from us, and we’re excited that we can offer it to them at no additional cost.
"Shopping habits are changing at an unprecedented rate and during the pandemic we saw more than two million Australians start shopping online for the first time.
"We will continue to support Australian businesses of all sizes to adapt to rapidly changing consumer behaviours by evolving our service to meet their needs," he said.