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No Late Fees on Paypal’s Buy Now, Pay Later Products

California-based digital payments platform Paypal Holdings (PYPL) has scrapped late fees across the world on missed payments for buy now, pay later products. The company operates a payment processing platform for auction sites, online vendors and other commercial users. Its product portfolio includes Hyperwallet, iZettle, Xoom, Venmo, Braintree, PayPal Credit and PayPal.

Customers making new purchases with Pay in 4X in France, Pay in 3 in the U.K. and Pay in 4 in the U.S. will not be required to pay late fees from October 1. Paypal does not charge late fees for missed payments on its buy now, pay later solutions in Australia and Germany.

The Vice-President of Global Pay Later Products at PayPal, Greg Lisiewski, said, “Building on the success of our Pay in 4 launch in Australia without late fees, we know that eliminating late fees delivers an even better buy now, pay later experience that provides incredible value to our consumers and merchant partners. We’re able to help provide consumers peace of mind as they manage their plans on their terms while also helping merchants increase sales conversions.”

On August 3, Morgan Stanley analyst James Faucette reiterated a Buy rating on the stock with a price target of $340 (26.5% upside potential). (See Paypal stock chart on TipRanks)

The analyst said, “The Security and Exchange Commission’s investigation of PayPal denotes risk to revenue streams generated from high debit card fees, and we have long expected that credit will be the more durable revenue source.”

Overall, the stock has a Strong Buy consensus rating based on 22 Buys and 3 Holds. The average Paypal Holdings price target of $336.91 implies 25.3% upside potential. The company’s shares have gained 39.7% over the past year.

According to TipRanks’ Smart Score rating system, PayPal scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.

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