Swedish-founded Klarna announced it is enhancing its shopping service platform by launching in-store payments for US consumers.
A Market for In-store Payments
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, personalised 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.
Despite more than 81 percent of the US population owning a smartphone, mobile in-store payments in the US have typically lagged versus other global regions.
Klarna have also announced partnering 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,” Siemiątkowski added.
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.
Popularity of the App
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, according to Klarna.
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