Sep 2, 2020

PayPal’s new interest-free ‘Pay in 4’ instalment solution

Payments
PayPal
Fintech
Evelyn Howat
2 min
PayPal’s new interest-free ‘Pay in 4’ instalment solution
Payments giant PayPal announced this week that it will be launching ‘Pay in 4’, an instalments scheme to join its growing suite of Pay Later solutio...

Digital payments giant, Paypal announced in a recent press release that it will be launching ‘Pay in 4’, a new short term instalments scheme set to launch in the United States later this year. The instalment solution will be interest-free for customers and is set to join PayPal’s growing line of Pay Later solutions. Pay in 4 is designed to help merchants push conversion, revenue and customer loyalty while taking on no extra risk or fees themselves by being paid upfront.

The company reports that 56% of people say they prefer to pay a purchase back with instalments rather than a credit card. With names like Klarna and Clearpay becoming common at many online shopping checkouts across the UK and Europe, PayPal has jumped on the Pay Later trend at the prime time to expand it into the US further.  

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"In today's challenging retail and economic environment, merchants are looking for trusted ways to help drive average order values and conversion, without taking on additional costs. At the same time, consumers are looking for more flexible and responsible ways to pay, especially online," said Doug Bland, SVP, Global Credit at PayPal. "With Pay in 4, we're 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."

Pay in 4 will be available to customers making purchases between $30 and $600, and can split the payment over six weeks. The product will integrate with the existing PayPal wallet within its app, with re-payments being seamless and automatic. With more than 80% of 100 leading US retailers surveyed using the PayPal platform and 54% of consumers more willing to buy when a business accepts PayPal, the payments firm will be working to connect merchants and customers more than ever. Pay in 4 will become available to consumers in early Q4 this year on qualifying purchases - keep an eye out.

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Jun 24, 2021

NFT Marketplace Rarible Raises US$14.2m

Fintech
NFT
Rarible
funding
2 min
NFT marketplace Rarible has raised fresh capital to create user-friendly developments and launch an additional marketplace on the Flow blockchain

Non-fungible token (NFT) marketplace Rarible has announced that they’ve closed a US$14.2m Series A from Venrock Capital, CoinFund and 01 Advisors

Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network. 

To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.

“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said. 

According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales. 

“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”

User-friendly developments 

In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”

Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.

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