Financial technology company PayPal (PYPL) is bringing its popular buy now pay later (BNPL) service to Canada.
U.S.-based PayPal says it has partnered with companies such as Ticketmaster and The Home Depot (HD) to offer Canadians the ability to pay for purchases of between $30 and $1,500 in four interest-free instalments over six-week periods.
PayPal says that its BNPL service has no late fees. Merchants are typically the ones that pay BNPL providers.
However, PayPal is entering a crowded field in Canada as the country already has numerous BNPL options.
Other BNPL providers already operating within Canada include PayPal rivals Affirm (AFRM), Klarna (KLAR), and Afterpay.
PayPal launched its U.S. buy now pay later service back in 2020.
BNPL has proved controversial, with critics saying it encourages consumer overspending and leads to spiraling debt traps for many people.
But PayPal and other companies say their buy now pay later services provide flexibility to consumers when buying a wide variety of products and services.
PYPL stock has declined 23% this year to trade at $66.25 U.S. per share.
