PayPal has launched a new short-term interest-free instalment solution for customers in the US to expand its ‘buy now pay later’ (BNPL) product suite.

The new ‘Pay in 4’ instalment offering of the American online payments giant aims to help merchants accelerate revenue and customer loyalty.

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Now customers can purchase goods worth $30-600 and pay in four interest-free instalments over a period of six weeks.

Already included in a merchant’s existing PayPal pricing, merchants do not have to pay extra fees while enabling it for customers.

Pay in 4 is also available on the customers’ PayPal wallet. Customers can manage their payments using the PayPal app.

Even customers need not pay any fees while availing the new instalment option, which supports automatic repayments.

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PayPal SVP of global credit Doug Bland said: “With Pay in 4, we are building on our history as the originator in the buy now pay later space, coupled with PayPal’s trust and ubiquity, to enable a responsible and flexible way for consumers to shop while providing merchants with a tool that helps drive sales, loyalty and customer choice.”

PayPal offers flexible financing options via credit and debit cards, Venmo, alternative payment methods, rewards points, PayPal Credit, and more.

Additionally, it offers PayPal Ratenzahlung and Paiement en 4X in Germany and France, and Pay After Delivery in Australia, Canada, France, Germany, Spain, the Netherlands, and the UK.

Pay in 4 is the latest addition to the company’s portfolio of financing products.

It is expected to launch in the fourth quarter of this year for consumers on qualifying purchases.

Last month, British payments platform APEXX Global forged a partnership with PayPal.