Are you ready to expand your debt from your plastic credit cards to your PayPal account as well?
If you're not, that's too bad, because PayPal just announced a new feature which will allow UK users to do just that. Called PayPal Credit, it is an equivalent to the plastic credit card and allows PayPal users to add a credit limit to their digital wallet.
In order to activate the service, users first need to apply, either directly through PayPal or though selected retailers.
After that, consumers can spread the costs of bigger purchases through a longer period of time. Some of the top UK online retailers already support PayPal Credit, including Blacks, Samsung, Dyson, Chain Reaction Cycles, Millets, Samsung, Simply Games, and Ultimate Outdoors.
PayPal Credit also said there will be promotional interest rates starting as low as 0 per cent.
“Today’s announcement is another example of how PayPal is so much more than a button on a website. 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,” said Cameron McLean, Managing Director of PayPal UK.
“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 said all purchases over £150 are automatically eligible for 0 per cent interest for four months (excluding instalments).