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Klarna announces the launch of ‘Pay Now’ immediate payments

By Joy Dumasia

October 18, 2021

  • Banking-as-a-Service
  • BNPL
  • Europe
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Klarna, the leading global retail bank, payments and shopping service, announces a package of changes to expand and strengthen its UK offering to give consumers more choice, clarity and control over how they pay. ‘Pay Now’ ensures UK consumers can always pay immediately and in full, wherever Klarna is available, with the same payment experience whether they choose to pay now or later.

Klarna offers a wide range of payment and shopping services, and its ‘Pay Now’ immediate payment option is extremely popular globally. Klarna’s UK payment and shopping options will now be consistent with those offered globally across 20 markets, giving consumers more choice, clarity and control over how they pay.  

Pay Now is launched alongside a package of consumer-focussed changes to drive up standards across the UK consumer payments industry. Central to this, Klarna has begun to leverage its well established Open Banking services, already connected to over 6,000 banks across 20 countries, to help support even better real-time lending decisions. 

Klarna has recently further strengthened the language visible at check-out to clarify that BNPL options are credit products, with consequences for missed payments. It has also worked together with the consumer group, Fairer Finance, to ensure that Terms & Conditions are clear, simple and easy to understand.

Sebastian Siemiatkowski, Klarna’s Co-Founder and CEO, said: “We firmly believe that most of the time, people should pay with the money they have, but there are certain times where credit makes sense. In those cases, our BNPL products offer a sustainable and no-cost healthy form of credit – and a much-needed alternative to high-cost credit cards. The changes we are announcing today mean that consumers are fully in control of their payments whether they pay now or pay later.”

IBS Intelligence recently reported that Klarna, the leading global banking, payments and shopping service, launched its latest OOH UK campaign, Old Credit Is History. The campaign highlights the antiquated credit model that many consumers are still using and shows how services like Klarna bring credit into the modern age to the benefit of consumers.

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