PayPal says 'buy now, pay later' volumes surged 400% on Black Friday

FILE PHOTO: Dan Schulman, President and Chief Executive Officer of PayPal Holdings Inc., attends the Viva Technology conference in Paris, France, June 16, 2017. REUTERS/Benoit Tessier/File Photo

LONDON (Reuters) - Volumes on PayPal Inc's 'buy now, pay later' platform were five times higher this Black Friday compared with a year earlier as the payments giant starts to gain traction in the fast-growing credit method, the company's chief executive told the Reuters Next conference.

PayPal launched its "Buy in 4" platform in August last year, making its entry into the increasingly competitive lending niche.