Klarna to launch card

Global banking, payments and shopping service, Klarna has announced the launch of Klarna Card in the UK, which it says will give consumers with greater control, transparency and choice over how they pay. The new physical card will bring Klarna’s flexible and transparent payments experience to in-store payments anywhere where cards are accepted.

The launch is a major step in Klarna’s journey to give UK consumers the flexibility to pay later for purchases everywhere, without the inherent risks of interest and revolving credit. 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.

Alex Marsh, Head of Klarna UK, said “Consumers are rejecting credit products which charge double-digit interest rates while allowing repayments to be put off indefinitely. 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 announcement comes after a series of enhancements to Klarna’s offering in the UK. In October, the company launched ‘Pay Now’, ensuring 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. And in its continued drive to set standards for the UK payments industry, Klarna says it has also strengthened affordability checks and checkout language, provided more ways for consumers to challenge complaints decisions on the rare occasions this becomes necessary, and removed the last remaining late fees on its regulated financing product.