Klarna, the global retail banking, payment and shopping service hailing from Sweden, is expanding two of its fastest-growing products internationally. With the global growth of Klarna’s rewards program and Pay Now payment method, the fintech company aims to become the go-to destination for every type of purchase while rewarding consumers for every payment. Further expansion of these products will enable the company to serve a wide range of fast-growing industries while driving consumer loyalty and engagement. Consumers in these markets will now be able to manage all their payments, redeem their rewards, and access a wide range of services and content in the Klarna app.
Since launching in September 2020, Klarna’s rewards program has grown rapidly, surpassing 4 million members in the U.S. and Australia, with 1 million members added in the last quarter alone. Now it is expanding to the U.K., Ireland, France, Italy, Spain, Portugal, Poland, Canada and New Zealand. Members of the rewards program earn “points” for every on-time payment they make with Klarna, whether they pay now, later or later. The points can be redeemed in the Klarna app for rewards with various global partners.
Hand-in-hand with expanding the rewards program, Klarna is also introducing the Pay Now payment method in nine Klarna markets as part of a completely redesigned “one-click” checkout process that allows consumers to pay instantly and in full wherever Klarna is available. Consumers simply link their existing card to their Klarna account and pay securely at any Klarna merchant. Pay Now, which launched in the U.S. and U.K. in 2021, will soon be available in Australia, Ireland, France, Italy, Spain, Portugal, Poland, Canada and New Zealand.
The product expansion closely follows the launch of the company’s all-in-one shopping app in 17 markets, which allows consumers to shop with Klarna at any online store. The company claims that it is used by more than 45 million consumers worldwide. The product developments are meant to accelerate Klarna’s growth in new markets on both the consumer and merchant sides. Since launching in the summer and fall of 2020, Klarna has now surpassed the milestone of 1 million consumers in Italy, Spain and France.
