Split the bill with your future self: Paidy launches 3-Pay

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Paidy Inc, Japan’s leading buy now pay later provider, which serves 700,000 sites, on Tuesday announced the launch of 3-Pay, a new service enabling users of the company's Paidy Plus (1) service to split their purchase into three equal monthly payments with no added interests or fees - the first service of its type in Japan. (2)

Shopping is essentially about fulfilling needs and desires. When purchasing big-ticket items like a home or a car, consumers are provided with assistance to make payments, such as low-interest loans, but when shopping for everyday items like clothing or home appliances, fees and interests are often times high; leaving customers with no option but giving up on a purchase because they do not have the cash on hand.

Paidy 3-Pay is always and forever interest-free, regardless of the purchase amount. After completing a purchase, consumers can easily split the cost into 3 equal payments with just one tap in the Paidy app. (3) This new service was developed in response to feedback from many loyal Paidy customers. Furthermore, beginning in November, "3-Pay" option will appear at checkout at e-commerce sites, when purchasing with Paidy.

3-Pay is the new normal of shopping, aligned with Paidy’s mission to "Take the hassle out of shopping." With new services and features, Paidy is committed to helping people realize their everyday hopes and wants with interest free shopping. Paidy is and will remain forever interest-free. As online shopping becomes a more intimate part of Japanese customers’ lives, Paidy, which is available at most major e-commerce sites in Japan, is a fast and simple way for consumers to shop for their daily needs.

Russell Cummer, Paidy Inc Founder and Chairman said: "At Paidy our goal is to provide everyone with room to dream. Paidy's most important mission is to offer an experience where everyone can feel reassured that they can shop on their own terms. 3-Pay is a major milestone to that end -- it puts the customer in control and allows them to “split the bill”, so to speak, with their future self. We think of it as a constructive investment in your future. Paidy wants to help all our customers manage their budget wisely while having an exciting future, through Paidy 3-Pay."

As of October 27, 3-Pay is not available at some participating merchants, but it will eventually become available at all shops, where Paidy can be used.

  1. Paidy Plus offers additional features, such as good-to-spend limits, budget control, online identification (eKYC) via AI facial recognition. The eKYC process is simple by taking a photo of the user's driver's license, My Number Card, and a selfie within the Paidy app. The good-to-spend limit allows users to enjoy shopping with more confidence and control (This limit is not guaranteed, as under certain circumstances, a payment may not be cleared even if it does not exceed the limit.)

  2. No fee is applicable if the monthly invoice is settled with account transfers or bank transfers. If settled at a convenience store, a separate handling charge applies (up to 356 yen each time).

  3. There is a onetime credit check when activating Paidy Plus. After activated, the customer is not required to apply for each use of 3-Pay.

Source: Paidy Inc

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Basic Rule.

Don't buy what you can't pay for.

Buying on Credit is a slippery slope to disaster. Sure, use your Credit Card for purchases without Cash, but pay off in full at the end of each Monthly period, otherwise switch to Cash and follow the Basic Rule.

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