Klarna customers using Apple Pay in the US and UK will now be able to purchase items at flexible terms in stores.
Klarna, the global digital bank and flexible payments provider, is now available to eligible Apple Pay users in the US and UK for in-store purchases on iPhone.
Eligible shoppers in these two countries can access Klarna’s flexible payment options, including interest-free installment plans, not only online or for in-app purchases – capabilities provided by last year’s partnership, but also offline. While in the US, only about 6% of all in-store payments are facilitated by Apple Pay, the UK customers use this popular payment method for over 60% of in-store purchases.
Available payment options differ by market:
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U.S. – Pay in 4 (split purchases over $35 into four interest-free installments), Pay Later (pay in full up to 30 days later, interest-free), or Financing (monthly installments for larger purchases).
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UK – Pay in Full (one-time payment), Pay in 3 (split into three interest-free installments), or Pay Later (pay in full up to 30 days later, interest-free).
When using Apple Pay, customers can select Klarna at checkout, tap Pay Later to view available installment plans, and complete their payment seamlessly. Klarna applies underwriting before approval to ensure responsible lending, without affecting the customer’s credit score.
Apple Pay is an easy, secure, and private payment method. This digital wallet is used by 640 million people globally, processing almost 2 billion transactions per year. As with all Apple Pay transactions, Apple does not retain any transaction information linked to the user when using Klarna installment plans.
With more than 111 million active consumers worldwide, Klarna continues to expand its commerce network, aiming to be available at every checkout and offering an alternative to traditional credit cards.
The new service expansion comes less than a week afer Klarna debuted on the New York Stock Exchange (NYSE), closing its initial public offering of 34,311,274 ordinary shares in a day. At present, the company’s market cap is over $17 billion.
