PayPal To Acquire , Buy Now, Pay Later Firm Paidy for $2.7B.<br />The $2.7 billion largely cash deal to acquire <br />the Japanese buy now, pay later (BNPL) company <br />is PayPal's latest move to stay competitive in the industry.<br />BNPL has proven extremely successful amid the pandemic by providing consumers with an alternate way of financing purchases with interest-free installments.<br />The acquisition will expand PayPal's capabilities, distribution and relevance in the domestic payments market in Japan, the third largest ecommerce market in the world, complementing the company's existing cross-border ecommerce business in the country, PayPal, via statement.<br />Paidy will maintain its brand and continue to run its existing business.<br />Founder and Chairman Russell Cummer and President and Chief Executive Riku Sugie will also keep their roles.<br />The deal is expected to close in <br />the fourth quarter of 2021.<br />Last month, rival Square struck an agreement to buy Australia's Afterpay for $29 billion.<br />Apple and Goldman Sachs are also reportedly planning to get in on the BNPL business model.<br />Apple and Goldman Sachs are also reportedly planning to get in on the BNPL business model
