PayPal has extended its promotional financing offering for lower cost purchases allowing more retailers to access US PayPal Credit customers.
The new initiative hopes to attract more customers and drive sales during the holiday season. Retailers can offer 3 month Easy Payments at 0% APR on purchases of $30 and above with no down payment.
Susan Schmidt, VP of US Consumer Credit at PayPal, said: “PayPal Credit has created a culture of empowered shoppers. Shoppers do not need to apply for a new credit line each time they use PayPal Credit, they only need to apply once.
“In fact, unlike one-time use installments products, 90 percent of PayPal Credit spend is made by existing customers reusing their credit line and therefore does not require a new credit application.
“With this new offering, merchants will also be able to take advantage of PayPal’s affiliate marketing program, with content marketed to more than three million consumers across the customer lifecycle. PayPal helps drive consumers to merchants’ websites to help build incremental revenue growth.”
This extension is part of PayPal’s partnership with Synchrony Bank. Their aim is to extend the rollout of this initiative in 2020.
Over the past few years, US consumer spending has historically increased meanwhile mobile shopping overtook desktop shopping for the first time in 2018.
In addition, PayPal data revealed that 80% of PayPal Credit transactions are under $99, even without a special financing offer.
Other PayPal news
Earlier this year, Worldline extended its PayPal contract to allow mobile payments in Latin America. The aim was to make mobile payments easier in Brazil and Mexico.
The two companies have worked together since 2006. This was when Worldline supported PayPal with one of the first industrial solutions available in mobile payments.