Payment processing platform Klarna announced on Tuesday it has formed a new partnership with payments and commerce solution platform Verifone. Klarna reported that through the partnership it will be available as the buy now pay later solution to millions of Verifone devices in the U.S. and Europe.
Klarna further revealed the integration to Verifone’s Cloud Services platform allows consumers to use Klarna’s payment suite, which includes Interest-free payments, Pay later in 30 days with no interest, and Financing in store.
“Together, Klarna and Verifone enable retailers to create a personalized and smoother experience for their customers, ultimately unlocking growth, boosting conversion rates and driving customer satisfaction and loyalty.”
Speaking about the integration, Luke Griffiths, Chief Commercial Officer of Klarna, stated:
“The last few months have seen unprecedented challenges for physical retail. We truly believe that there is a role for the physical store within the future retail brand experience, and now more than ever consumers desire flexibility, transparency and a more convenient payment experience. We are excited to partner with Verifone as one of the largest and most impactful players in the in store space, and also being the first buy now, pay later provider on millions of devices. Together we will support retailers globally in creating a superior and more seamless shopping experience for consumers in store.”
Jeremy Belostock, Head of Alternative Payments at Verifone, added:
“Enabling alternative payment methods in store is truly exciting, and it’s only possible in such a seamless manner through the Verifone Cloud Services platform we’ve created over the past few years. Klarna is particularly interesting and unique in that merchants will have access to new, larger revenue opportunities through its flexible payment options, and Klarna comes with simple settlement functionality for the merchant.”
Founded in 2005, Klarna offers products and services to consumers and retailers within payments, social shopping, and personal finances. It enables consumers to make open payments quickly, easily, and securely; immediately, delayed, or in installments. Klarna works with over 205,000 retailers including in Germany H&M, Spotify, MediaMarkt, Expedia, Nike, and Deutsche Bahn.