Buy Now Pay Later

Klarna Hits 7.85M Customers For BNPL Services

Klarna

Global payment and shipping service Klarna has reached a new milestone with 7.85 million U.S. customers, according to a press release.

The company credits the achievement to its multitude of partnerships with a variety of companies, including H&M, Sephora, Timberland, The North Face, Shein, Fender, Anine Bing, FORWARD and ModCloth, which have used Klarna to provide buy now, pay later (BNPL) services to give consumers an easier way of paying for goods.

The press release states that Klarna has been trying to update its methods, including adding a wish list function, which lets users create and share lists with family and friends. There's also the price drop function, which allows users access to daily deals and price reductions.

Klarna has introduced financing options to let users employ flexible payment options both online and offline.

The company has also been working on solving issues to do with the pandemic, including helping physical retailers implement contactless solutions.

The press release states that Klarna has "closely tracked U.S. consumer behavior" through the pandemic and has noticed trends. Customers, for example, focused on groceries and essentials early in the pandemic, but by April, they focused more on items to make staying at home more enjoyable.

U.S. Head of Klarna David Sykes said users were flocking to eCommerce solutions because of the pandemic, which has necessitated less of a focus on in-store commerce as people seek to avoid the virus.

"... more shoppers than ever before are turning to eCommerce for a wide range of product categories, and they are looking to pay for things in a smarter way that lets them manage their finances without having to use credit options that come with interest, fees and revolving debt," he said, according to the release.

Klarna has seen its U.S. retail partners grow by 163 percent year over year in May, the press release states, adding over 4,200 new partners.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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