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Airbnb has launched a new feature called \u201cReserve Now, Pay Later\u201d that lets users in the U.S. reserve a property without paying up front, potentially allowing people to cancel their bookings with less hassle if their plans change.<\/p>\n
The feature is applicable to properties that have a \u201cflexible\u201d or \u201cmoderate\u201d cancellation policy. Flexible policies let users cancel their reservation up to 24 hours before they check in, while moderate policies allow for no-fee cancellations until five days before check-in.<\/p>\n
Users will need to pay the full amount for their booking before the listing\u2019s free cancellation period ends. Airbnb will send users a reminder to pay before that date.<\/p>\n The company is not new to the buy now, pay later arena. In 2018, it launched a \u201cPay part now, part later\u201d product<\/a> that allowed users to pay either 20% or 50% in the first tranche and the rest later. In 2023, the company teamed up with Klarna to let users pay for their stays in four installments over six weeks<\/a>.<\/p>\n Citing a survey it conducted with Focaldata, Airbnb said 55% of those surveyed preferred a flexible payment option while booking a stay, with 42% saying they missed out on properties while trying to figure out payment logistics with other travelers.<\/p>\n We\u2019re always looking to evolve, and by providing some insight into your perspective and feedback into TechCrunch and our coverage and events, you can help us!\u00a0<\/em>Fill out this survey to let us know how we\u2019re doing<\/em><\/a>\u00a0and get the chance to win a prize in return!<\/em><\/p>\n<\/div>\n
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