PayPal launches interest-free instalment payments system to boost retail sales

PayPal has launched a new payments service. Picture: PayPal

PayPal has added a feature which allows people to pay for items in three instalments as part of efforts to boost sales for UK businesses in the run-up to Christmas.

The new Pay in 3 tool will enable businesses using the payments service to offer customers the ability to pay for goods over three, interest-free instalments, automatically taken each month.