United States online payment system PayPal Inc. (PYPL) will be introducing its ‘buy now pay later’ (BNPL) option in Australia. The company made this announcement on March 9 further specifying it will be launching the service on June.
PayPal has already rolled out this option in the United States and Britain. By the end of the fourth quarter last year ending on December PayPal said it had carried out over $750 million transactions linked to the new service.
The company is now looking forward to bring its interest free ‘Pay in 4’ service to its customers in Australia who are over 9 million. In Australia regulation of rapid growing space is thin compared to other consumer finance categories whereas adoption is higher than other markets.
PayPal has been staging a stiff competition to Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: ZIP) which are the leading domestic online payment companies in Australia.
The General Manager of payments at PayPal Australia Andrew Toon told reporters that the company has been receiving overwhelming requests from Australian merchants and business people since the BNPL service was launched in United States last year.