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PayPal entry punishes Australia's pricey buy-now-pay-later stocks

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Shares in Australia's Afterpay Ltd and its smaller consumer lender rivals tumbled for a second day on Wednesday, as the entry of U.S. giant PayPal into the buy-now-pay-later sector sent investors scrambling to re-price its frothy stocks.

Afterpay and other alternative credit firms, which offer small instalment loans to shoppers and make money by charging merchants a commission, are riding the boom in online shopping that has been sparked by the coronavirus pandemic.

PayPal’s U.S. offering is a fee and interest-free loan for purchases between $30 and $600, repayable in four instalments over six weeks.

 

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