Klarna, anAI-powered global payments network and shopping assistant, has signed an agreement with JP Morgan Payments that will, for the first time, make Klarna’s Buy Now, Pay Later (BNPL) payment options available to businesses that depend on J.P. Morgan Payments for payment processing.
JP Morgan Payments, which is said to be the world’s largest merchant acquirer, reportedly “processes more than $2 trillion in payment transactions annually and is a provider to help expand Klarna’s global presence, supporting consumers everywhere to pay smarter.”
The agreement will make Klarna’s payment methods, “including interest-free BNPL and flexible financing options, available on the J.P. Morgan Payments’ Commerce Solutions Platform.”
The Klarna integration is expected to launch later this year.
David Sykes, Chief Commercial Officer at Klarna said:
“By collaborating with J.P. Morgan Payments, we’re bringing our payment solutions to even more businesses and fast-tracking our ambition to make Klarna payments available everywhere, for everything. Together with J.P. Morgan Payments, we’re giving shoppers the flexibility they want while helping businesses grow faster.”
The agreement will reportedly provide businesses with access to one of the most “popular” payment networks, helping them “compete in an increasingly digital and customer-driven marketplace.”
Klarna will also join the J.P. Morgan Payments Partner Network, which brings together J.P. Morgan Payments’ suite of payment solutions and its third-party relationships to help clients “build, implement, expand and optimize payments strategies based on their business needs.”
Combining J.P. Morgan Payments’ scale, stability and reach with Klarna’s innovative and trusted payment tech will aim to “help create more opportunities for businesses to grow and for consumers to shop how they want, where they want.”
As covered, Sebastian Siemiatkowski, CEO and co-founder of Klarna, announced on Saturday that the Swedish buy-now-pay-later (BNPL) Fintech is planning to integrate cryptocurrency into its services.
Siemiatkowski acknowledged that Klarna was among the last major fintech players to enter the crypto space.