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PayPal will no longer charge late purchases now, pay for subsequent purchases

Soon, you will no longer receive additional costs if you miss a PayPal fee for a previous purchase. The online payment giant announced that it will stop charging late fees for global purchases made with Pay in 4 in the US, Pay in 3 in the UK and Pay in 4X in France, starting October 1.

Buyers now pay later, products released in October 2020 give you the ability to buy items from participating online stores without having to pay upfront or all at once and without charging interest. If you choose this option when placing an order in the United States, PayPal will split your payments into three or four parts and will charge you every two weeks. Before the company canceled late payment penalties, it charged a minimum of $ 8 for missed payments for these three locations.

In a statement, the company said the move was built on the success [its] Launch of Pay in 4 in Australia with no late fees. “Apart from Australia, PayPal also does not punish users in Germany who do not pay on time. Greg Lisewski, VP of Global Pay Later Products at PayPal, added: “[W]We know that eliminating late fees provides an even better purchase now, and paying later is incredible value for our consumers and channel partners. ”

The move could also help PayPal retain customers in a competitive environment. Square recently announced plans to acquire the now-paid Afterpay platform for $ 29 billion. Apple is reportedly also working on a later payment feature for Apple Pay.

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