Klarna launches ‘Buy Now, Pay Later’ credit card
Buy now, pay later (BNPL) company Klarna has announced the launch of its physical card in the UK.
Klarna Card will enable consumers to use the flexible payment option in-store, wherever cards are accepted.
The card launches with Klarna’s Pay in 30, which allows consumers to pay anytime up to 30 days after purchase, with plans to add additional payment options in the future. Klarna’s Pay Later products are a fairer and more sustainable alternative to traditional credit, providing payment flexibility with clear payment schedules, no interest and, in the case of Klarna, no late fees.
“Consumers are rejecting credit products which charge double-digit interest rates while allowing repayments to be put off indefinitely,” said Alex Marsh, head of Klarna UK. “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 instore purchases.”
The card has already been used by 800,000 consumers in Sweden and Germany. Klarna also plans to roll out the card in the US.
In the UK, the Klarna Card will be made available progressively reaching all eligible consumers in the upcoming months. Klarna said that the card currently has a waitlist of 400,000 UK-based consumers.
