Klarna App Is Enhanced with Digital Wallet for Quick Access to Loyalty Cards

Klarna, a digital bank, payments, and credit provider, announced the launch of its new Loyalty Card feature in the Klarna App.

This allows app users “to store and access their physical loyalty cards as digital versions.”

They can then “collect all points and benefits at any merchant without the need to carry plastic equivalents while out shopping in-store.”

Powered by the acquisition of mobile wallet provider, Stocard, the primary consumer offering now “integrates into the Klarna App as a means of further establishing an all-in-one experience that drives convenience and value to consumers’ shopping journey.”

The feature supports over 8,000 loyalty reward programs worldwide, “spanning everything from clothing and beauty to technology and groceries to help ensure that consumers never miss out on collecting valuable points – wherever they shop.”

Loyalty programs are “very popular” amongst consumers. According to studies, 69% of US consumers say loyalty programs “influence their purchasing decisions. However, today many loyalty programs require consumers to carry a physical card with them, which consumers find inconvenient.”

In fact, 79% are more likely “to join a loyalty program that doesn’t require them to carry a physical card.”

US consumers surveyed in a recent Klarna survey “reflect the same sentiment, with nearly a third (31%) having avoided signing up for a loyalty program in the past because they were unwilling to carry another card.”

In addition, over half (59%) of US consumers “do not carry all of their loyalty cards with them while out shopping, meaning they regularly miss out on rewards when shopping in-store without their loyalty cards at hand.”

The new Loyalty Card feature in the Klarna App “solves this by enabling users to store their physical loyalty cards as digital versions in one place.” Now, while out shopping, users can easily “access any of their cards directly in the Klarna App and never miss out on loyalty points or perks again.”

Björn Goss, Product Director at Klarna and Founder of Stocard, said:

“Physical loyalty cards are an inconvenience in today’s digital world and are therefore often left at home, resulting in consumers missing out on deals and merchants losing a prime opportunity to reinforce brand loyalty. We all know the situation: you are offered to join an attractive loyalty program but don’t want to carry yet another plastic card around. By equipping Klarna App users with a digital space to collect their loyalty cards we allow them to reap the rewards of their in-store purchases in a far more convenient way, helping ensure that every penny spent counts towards a return.”

David Fock, Chief Product Officer at Klarna, remarked:

“At Klarna, we want to give consumers the world’s best shopping experience, no matter whether that’s online or on the high street. After the launch of our revolutionary new Virtual Shopping tool, Klarna is now delving deeper into physical retail, helping consumers save time and money everywhere they shop. By equipping users with a digital space to conveniently collect their loyalty cards we are raising the physical shopping experience to a new level of convenience and flexibility.”

For more details on this update, check here.

As covered, Klarna, a European buy now – pay later (BNPL) platform that has experienced rapid growth, is planning to raise additional funding in a down round that may be a warning sign for the entire BNPL sector.

According to a report by WSJ.com, Klarna is aiming to raise more capital at a valuation of just $15 billion versus its prior funding round when the Fintech raised money at a whopping $45.6 billion valuation. Even more telling, the report claims it sliced the valuation in half in comparison to last month when the company was aiming to raise capital at a $30 billion valuation. Klarna lost almost $700 million in 2021. In Q1 2022, Klarna lost approximately $250 million, considerably more than the same quarter year prior, reporting they are revisiting their 2022 plans and will “implement a number of prudent and pre-emptive measures to meet these evolving challenges.”

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