Klarna Payment Solutions
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JANUARY 14, 2020 / 15:28 UTC
LONDON (Fintech Zoom) – Klarna, the leading global provider of buy now, pay later payment solutions for online and mobile shoppers, today announced it is enhancing its shopping service platform by launching in-store payments for US consumers. With the majority of retail transactions in the US still taking place in-store, and mobile in-store payments projected to reach $223 billion by 2023, Klarna is now partnering with leading US retail brands such as Good American and Planet Blue to offer customers a seamless, personalized and engaging shopping experience, no matter where, when or how they shop.
Klarna has expanded its services into physical stores across the globe to support the needs of multichannel retailers. The company has launched 10,000 store activations across Europe and is now launching its in-store solution in the US to offer a simple, smart and flexible way for customers to pay using their smartphone when shopping in-store at partner brands. Although more than 81% of the US population owns a smartphone, mobile in-store payments in the US have typically lagged versus other global regions.
As announced earlier today, Klarna has partnered with H&M to offer members of their loyalty program the possibility to shop now and pay later both online and in stores using the H&M app.
“Klarna, together with the biggest brands in retail, is integrating digital capabilities into physical stores to create an easy, inspiring and convenient shopping experience for customers,” said Klarna CEO Sebastian Siemiątkowski. “Shoppers want to be able to move freely between channels and choose whether to shop in-store or online, but still have the same control over their buying experience and the same flexible payment options, including the option to purchase via their smartphone.”
When using Klarna in participating physical stores, consumers will be able to shop through the Klarna app. A custom QR code will allow shoppers to create a digital Klarna card to add to their Apple Wallet, which will enable them to pay for their items with Apple Pay. The Klarna Shopping app was the Top Trending app in the Google Play Store in autumn 2019 and was downloaded far more often than direct competitors’ apps in the US during the period, exceeding the number of competitors’ downloads by more than 100,000 each month.
We make shopping smooth. With Klarna, consumers can buy now and pay later, so they can get what they love today. Klarna’s offering to consumers and retailers includes payments, social shopping and personal finances. Over 190,000 merchants, including H&M, Adidas, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress, have enabled Klarna’s innovative shopping experience online and in-store. Klarna is the most highly valued fintech in Europe, with a valuation of $5.5 billion, and one of the largest private fintechs globally. Klarna was founded in 2005, has over 2,500 employees and is active in 17 countries. Klarna’s North American offices are in Columbus, Ohio; Los Angeles; and New York. Klarna Credit is issued by WebBank, member FDIC.
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