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2021-08-18

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PayPal scraps late fees for buy now, pay later purchases

By Anna Irrera LONDON (Reuters) - PayPal Holdings Inc will no longer charge customers late fees when

PayPal scraps late fees for buy now, pay later purchases

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PayPal's BNPL services in Germany and Australia are already free of late fees.\nThe company, which first started offering BNPL services last year, hopes the changes will help make its products more affordable and attractive for consumers.\n\"We felt late fees were hindering the customer experience,\" Greg Lisiewski, vice president of Global Pay Later Products at PayPal, said in an interview.\nThe changes come as more regulators across the world take a closer look at the fast-growing BNPL sector in a bid to ensure consumers do not take on more debt that they can handle.\n\"Given the massive rise and acceleration through the pandemic of this space, regulators across all geographies are taking notice,\" Lisiewski said.\n\"We think that is appropriate, and we do think late fees will be, and have been, part of that discussion, and we think being as customer friendly as possible puts you in a better place with regulators.\"\nAsked if there was a risk that dropping late fees would encourage more consumers to default on their loans, he said he didn't expect to see that. 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PayPal scraps late fees for buy now, pay later purchases

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