Klarna, the flexible shopping and payment provider, has announced a strategic agreement with Stripe, the global technology company that builds affordable infrastructure for the Internet. the deal will enable millions of Stripe-powered businesses to offer Klarna’s flexible payment options to their consumers.
In recent years, consumers around the world have turned to “Buy Now, Pay Later” payment options (Buy Now Pay Later), which allow them to receive products immediately while spreading their payments over time. For businesses, offering this flexibility can dramatically increase conversions and drive revenue. In fact, data from Klarna suggests that companies offering their service at checkout generated an average 30% increase in conversion and a 41% increase in average order value. Some businesses also discovered that 40% of Klarna shoppers were new to their brand, which enabled them to gain new customer segments.
By partnering with Stripe, Klarna will now put its flexible payment options available to millions of Internet companies that already use Stripe in the United States, and in 19 countries in Europe.
«In recent years, Klarna and Stripe have redefined the eCommerce experience for millions of global consumers and retailers. Together with Stripe, we will be a true growth partner for retailers of all sizes, enabling them to maximize their business success through our joint services.“, says Koen Köppen, CTO of Klarna. «By offering convenience, flexibility and control to even more shoppers, we create a win-win situation for both retailers and consumers.”.
This announcement also includes further collaboration between Klarna and Stripe. Stripe now becomes Klarna’s primary payment partner, which means that after a customer’s initial purchase from a retailer is funded with Klarna, subsequent payments will be processed by Stripe. Klarna decided to increase the initially planned volume of payments processed by Stripe after initial tests with Stripe led to significant improvements in reliability and performance. Klarna will now rely on Stripe to process around 90% of its payment volume in the US and Canada.
«We are delighted to partner with Klarna to enable millions of businesses on Stripe globally to offer greater payment flexibility.“, confirms Will Gaybrick, Chief Product Officer of Stripe. «Klarna’s payment options are a powerful tool for online businesses to attract more customers, boost conversion rates, increase the size of shopping carts and therefore grow their revenue.«
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