Klarna, a leader in the FinTech sector, has recently unveiled innovative features that directly challenge the core services of retail banks.
The introduction of everyday spending and saving capabilities signifies Klarna’s strategic move towards becoming an integral financial companion for global consumers. This expansion has been rolled out across 12 countries, including key markets in Europe and the US.
The newly launched Klarna balance feature allows customers to deposit funds into a Klarna account directly from their bank accounts. This facility is enhanced by the ability to earn cashback rewards through purchases made within the Klarna app or by processing refunds from returned items.
In line with the balance feature, Klarna has also introduced a cashback system that rewards users for their loyalty and frequent purchases. Consumers shopping through the Klarna app can earn a percentage back on purchases made at participating retailers, with the potential cashback reaching up to 10%. This initiative not only incentivizes regular use of the Klarna platform but also offers tangible benefits that enhance the overall shopping experience.
Sebastian Siemiatkowski, co-founder and CEO of Klarna, emphasized the impact of these innovations. “Klarna owes everything to our loyal network of millions of consumers. These new products make it easier for customers to manage multiple scheduled payments, helping our customers use Klarna for more frequent purchases and driving loyalty.
“We are already one of the most trusted brands in financial services and we want to build on that to support all consumers with their everyday spending. Today’s launches are a major step forward, allowing consumers to earn money while they shop and manage it in a Klarna account.”
Additionally, the launch of the Klarna Card in the US builds upon the success it has seen in other markets such as Sweden, Germany, and the UK. The Klarna Card offers an alternative to traditional credit cards by providing a more equitable and sustainable way to manage payments and purchases.
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