PayPal to acquire buy now, pay later firm Paidy for $2.7B

PayPal is making moves to stay competitive in the industry.

They plan on acquiring the buy now, pay later firm Paidy for $2.7 billion.

Paidy is a Japanese company that was founded in 2008. The company launched Japan’s first zero-interest post-payment service in 2020.

Buy now, pay later services have been extremely popular throughout the pandemic. Customers are able to finance their purchases with interest-free instalments.

PayPal shared that the acquisition will expand its ‘capabilities, distribution and relevance in the domestic payments market in Japan, the third-largest e-commerce market in the world’.