Leading innovative shopping service Klarna announced that it will be entering a strategic partnership with Verifone that will enable the major fintech’s payment suite be available as the first ever buy now pay later solution to millions of Verifone users in the U.S. and Europe. A provider of payments and commerce solutions, Verifone will be providing Klarna’s services to more than 35 million devices in over 150 countries.
The merging of Klarna with Verifone’s Cloud Services platform will enable users to access Klarna’s payment suite. ‘Interest-free-payments,’ ‘Pay later in 30 days’ and in-store financing will now be available to consumers under this new agreement that honors both Klarna and Verifone’s united aims to provide their customers with a more unique and personal experience. Overall, this will enable both companies to boost their conversion rates by fostering satisfaction and loyalty through accessibility of their services.
This comes at a crucial time in consumer sentiment, confirmed by Luke Griffiths, Chief Commercial Officer of Klarna who said, “The last few months have seen unprecedented challenges for physical retail. We truly believe there is a role for the physical store within the future retail brand experience, and now more than ever consumers desire flexibility, transparency and a more convenient payment experience.”
Indeed, this pairing will enable that seamless experience with customers being able to finalize purchases with Klarna in just a few steps on their mobile devices. Consumers need only select Klarna on their phones as a payment option at check out on their Verifone devices. After that they will only have to scan a QR code and verify ID to make their purchases.
Given the change in sentiment and consumer behavior when it comes to shopping, contactless payments are the way of the future. Payments that limit physical contact will step ahead of the curve with consumers seeking ways to continue social distancing while maintaining as normal a life as possible. Payments that facilitate this process will be favored, particularly with collaboration from companies like Klarna and Verifone.