Klarna, a European Fintech, says it will step in and now offer Walmart (NYSE: WMT) customers its buy now pay later (BNPL) service in partnership with OnePay.
OnePay is a consumer Fintech backed by Walmart and Ribbit Capital and already used on the Walmart platform. The partnership will increase buyers’ options for installment loans, credit, and other payment methods. When a shopper is approved they will have several payment options including terms, from 3 to 36 months, and have the ability to manage their loan on the OnePay app.
Rival US-based Affirm previously powered the service.
Klarna has revealed it is moving closer to an initial public offering (IPO) in the US.
The BNPL service for Walmart is expected to be directly integrated into the Walmart checkout at some point this year.
Sebastian Siemiatkowski, co-founder and CEO of Klarna, said the partnership is a game changer for his firm.
“Millions of people in the U.S. shop at Walmart every day — and now they can shop smarter with OnePay installment loans powered by Klarna. OnePay choosing Klarna as their exclusive installment loans partner at Walmart in the U.S. is a huge vote of confidence as we pursue our goal of being available everywhere for everything. We look forward to helping redefine checkout at the world’s largest retailer — both online and in stores.”