PayPal, a pioneer in online payments, is facing significant challenges nearly three decades after its inception.

The internet wouldn’t be the same without the Like button, the thumbs-up icon that Facebook and other online services turned into digital catnip.

Fueled by several financial technology companies as well as an entry by the big credit card companies, Americans now have the option to “buy now, pay later” on everything from a $1,500 Peloton bicycle to a $60 floral bouquet.