Klarna,(NYSE:KLAR), the global digital bank and flexible payments provider, announced that its flexible payment products are now available when checking out on Apple Pay in Denmark, Spain, Sweden. The launch brings flexibility to Apple Pay customers in these nations, with Klarna offered to eligible users “checking out online and in-app with an iPhone or iPad, and in-store on an iPhone.”
The expansion builds on launches of this feature in the US, UK and Canada, where customers have “checked out with Klarna through Apple Pay.”
Klarna is reportedly one of the first buy now, pay later providers to be offered on Apple Pay in these countries, offering consumers a “flexible way to pay.”
Customers in France will be able to “check out with Klarna on Apple Pay in the coming weeks.”
Sebastian Siemiatkowski, Co-founder and CEO of Klarna said that after the fantastic response in the US, UK, and Canada, he is eager “to bring Klarna on Apple Pay to tens of millions of consumers across Europe.”
Their continued expansion into more countries will give more people the flexibility to “choose how and when they pay — all with the Apple Pay experience they already love and use.”
Eligible customers can split purchases into three “monthly installments, or pay up to 30 days later, interest-free.” Customers can also spread the cost of higher-value items over “a longer period, with competitive interest rates starting from 0%.”
When paying on Apple Pay, in person, online or in-app, customers “select Klarna at checkout, and then tap Pay Later to view their available Klarna products.”
Customers are able to then select the “installment plan of their choice and complete the payment process through Apple Pay.”
Before approval, Klarna applies its underwriting to “ensure responsible lending, with no impact on the customer’s credit score.”
Apple Pay offers users with “private” way to pay.
As with all Apple Pay purchases, when a consumers actually pays with a Klarna installment plan with Apple Pay, Apple “doesn’t retain any transaction information linked to the user.”
With (reported) more than 111 million active consumers worldwide, Klarna is continuing to expand its commerce network and mission “to be available at every checkout, offering shoppers a fairer alternative to traditional credit cards for everything. ”
As clarified in the update, paying over time on Apple Pay is a service where loans are not offered by Apple.
As explained in the announcement, Apple actually provides just the technical services for Paying Over Time on Apple Pay. And these services may not be available for all types of purchases, such as “subscriptions and recurring transactions.”