The chief executive of PayPal has revealed that volumes on its Buy Now, Pay Later (BNPL) platform were 400 per cent higher on Black Friday in comparison to last year.

The online payments giant first launched its ‘Pay in 4’ BNPL platform in August 2020.

"We saw a 400 per cent year-on-year rise on our volumes going through 'buy now, pay later' this past Black Friday," PayPal CEO Dan Schulman told attendees at the virtual Reuters Next conference. "It’s booming right now."

The chief exec also disclosed that over 9 million people have now used the service, according to a report by Reuters.

PayPal, which initially launched the flexible payment platform in the US, said that the service is aimed at helping merchants drive conversion, revenue and customer loyalty without taking on additional risk or paying any additional fees.

The platform enables consumers to make a purchase worth between $30 and $600 and pay over four, interest-free instalments, over a six-week period.

"We had more than 1 million first-time users for the first time ever in the month of November," said Schulman at the virtual event. "It's not just popular but accelerating in popularity."

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