Buy Now Pay Later titan Klarna has announced that it will be launching an all-new physical card in the United Kingdom that allows users to, quite literally, show now and pay later at physical and online stores. The Swedish financial technology company is said that the Visa card is already available in Sweden and Germany, where the service is used by more than 800,000 people, as per the company. Now, the company has launched its BNPL card in the UK.
Available in either Klarna’s signature pink or black, the card will allow consumers to pay anytime up to 30 days after they shop. The company also plans on adding additional payment options in the future. Klarna’s Pay Later products provide payment flexibility, no interest, and, in the case of Klarna, no late fees.
Klarna launches physical card in the US
Head of Klarna UK, Alex Marsh says: “Consumers are rejecting credit products which charge double-digit interest rates while allowing repayments to be put off indefinitely. For online purchases where credit makes sense, buy now pay later has become the sustainable alternative with no interest and clear payment schedules. The launch of Klarna Card in the UK brings those benefits to the offline world, giving consumers the control and transparency of BNPL for all of their in-store purchases.”
The features of Klarna Card include fast and easy payments through Apple Pay or Google Pay Simple, a seamless sign-up process, no forex fee/markup, lets you pay up to 30 days, in-store contactless payment, instant push notifications for all transactions (even for failed transactions), an overview of purchases in the app, the option to extend the due date up to 10 days for free, short-term card blocking quickly, and customer service available 24/7 in the app.
More on Klarna’s card
Founded in 2005, Klarna is one of the most highly valued private financial technology globally with a valuation of $45.6 billion. Giving consumers the control and transparency of BNPL to in-store purchases.
In the United Kingdom, the Klarna Card will be made available increasingly reaching eligible consumers in the coming months. The card as of now has a waitlist of 400,000 consumers in the country showing strong demand for a new approach to credit.
Fintech Klarna plans on rolling the card out slowly, with the view of opening eligibility to all customers by 2022. It has opened a waitlist where users can sign up in the meantime.
“For online purchases where credit makes sense, buy now pay later has become the sustainable alternative with no interest and clear payment schedules,” said Marsh. “The launch of Klarna Card in the U.K. brings those benefits to the offline world, giving consumers the control and transparency of BNPL for all of their in-store purchases,” he added.
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