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Klarna offers interest-free shopping to all online retailers

By Danielle Wightman-Stone

Jun 8, 2021

Retail

Image: courtesy of Klarna

Global banking, payments and shopping service Klarna has launched a new shopping feature that allows customers to pay in instalments at any retailer, even if it does not offer the service.

Through the new shopping app feature, customers can shop at any online retailer and use Klarna’s pay-in-3, spreading out payments through three-interest free instalments directly in the app, regardless of whether the retailer has partnered with the buy-now-pay-later provider or not.

The in-app shopping experience covers the whole retail journey, “from inspiration and discovery right through to purchase and return management,” explains Klarna.

Customers can also use the app to set monthly budgets and personal spend limits to “remain in control of their spending”.

Other features include personalised wish lists and curated content based on consumers’ interests and their favourite stores, price drop notifications, and lists of retailers for users to decide where to buy their favourite product.

Image: courtesy of Klarna

Sebastian Siemiatkowski, chief executive of Klarna, said in a statement: “At Klarna, we believe that no-one should ever have to pay credit card fees or high-interest rates and now, thanks to our new in-app shopping feature, they don’t have to. Shoppers now can interact with their favourite retailers without having to leave the Klarna app, to create a smooth, safe and frictionless shopping experience.

“Our one stop shop app is the future of shopping, it creates a truly personalised and bespoke service for every user and liberates consumers from ever paying more than the price of the product.”

The shopping app features are available on iOS and Android mobile devices in the UK. The feature is already live in other markets including the US, Australia and Sweden, where the app is used by 6.5 million people on average each month and the pay later interest-free feature has been used over 12.8 million times to purchase using the app.