On Monday, the Wall Street Journal reported that the Chinese e-commerce major, Alibaba (NYSE: BABA) will start offering a Buy Now, Pay Later (BNPL) service to its customers in Europe.
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The company will offer its service through its affiliate Ant Group’s Alipay. Alipay has tied up with fintech company Splitit Payments to provide a BNPL option to European customers of AliExpress, BABA’s international online marketplace.
This BNPL service will be first launched in Germany, Spain, and France before expanding to other international markets.
BABA stock is on an upswing and has more than doubled from its 52-week lows following the easing of COVID restrictions in China.
Analysts are bullish about BABA stock with a Strong Buy consensus rating based on 16 unanimous Buys.