PayPal Rebrands Credit Service, Eyes Offline Expansion (Aug. 11, 2014)
PayPal Inc.’s recent rebranding of its Bill Me Later service is part of an effort to bring credit more to the forefront of its business and continue its expansion into offline payments, according to the company. Now known as PayPal Credit, the former Bill Me Later service also will be adding new functionality in the coming months, including a shift away from online-only payments, mirroring the expansion of the company’s other payment services into the brick-and-mortar arena.
Credit is “especially important to us as we look to expand into the offline world and omni-channel,” Steve Allocca, vice president of credit, PayPal, told TechCrunch. Credit drives customer engagement and usage of PayPal’s network, with a given user spending an average of 30 percent more after adopting a PayPal credit service, such as PayPal Credit or the company’s credit card, according to Allocca.
PayPal Credit also will begin enabling users to service accounts within PayPal Wallet, rather than a standalone Website, as is done now. An expansion of the service into the U.K. and Germany is in the works as well, PayPal said.
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