Swedish fintech Klarna, Currently, the , has presented an evolution in its business model, destined to turn it into a superapp aimed at facilitating the purchase process for any online consumer. This new all-in-one shopping app is effectively launched in all the markets where it is present (Spain, United States, Australia, New Zealand, Germany, Austria, Netherlands, Belgium, Sweden, Finland, Norway, , and ) in which it has more than 18 million customers, and both on iOS and Android .
How the new Klarna app works
“As the app economy grows, consumers are faced with an increasingly crowded landscape of eCommerce apps, which can be frustrating and a waste of time. Klarna solves this by launching the only app they need. Starting today, consumers can buy in all online stores through the app, explore exclusive offers and custom shopping collections, save itemos and activate notifications of price drops, track the shipment of your items, manage payments and returns, and much more”, explains the company in a statement.
With Klarna’s interest-free shopping functionality, consumers can use the company’s payment methods in all online stores, regardless of whether these brands are directly associated with Klarna or not. As the company has explained, the new app will transform the shopping experience «from beginning to end”.
Single-use cards, keys in the Klarna super app
According to a recent survey by Klarna, 68% of Spanish consumers now shop more frequently on mobile than two years ago, before the pandemic. 59% admit to having between 1 and 5 shopping apps installed; 25%, between 6 and 10 and 11% have more than 10. However, 70% of Spaniards would choose a single shopping app that would allow them to perform multiple actions instead of having to switch apps. 75% agree that simplicity in the purchase process and saving time are the two most important benefits. Klarna’s new app seeks to respond to this demand, putting everything they need within reach of consumers.
“Today, people seek to respond to their specific needs in a simple way and in one place, integrating a series of activities in their shopping journey. Switching between applications is something that, as consumers, we find more and more frustrating. Today we announce an important milestone in our journey to help our users save time and money and give them more control over their finances”explains Sebastian Siemiatkowski, CEO of Klarna.
“With our new app, Klarna becomes a one-stop shopping service that meets many needs, from inspiration and discovery to post-purchase experiences. In the meantime, we have made transparent and flexible payments a possibility everywhere, because we believe that no one should have to pay credit card fees or high interest rates.”
The new Klarna app offers a shopping browser with multiple functionalities:
- Shopping in all online stores through the in-app purchase browser.
- Flexible payments without interest in all stores, regardless of whether they are associated with Klarna or notthrough single-use virtual cards (free and usable in any online store).
- personalized content based on consumers’ interests and their favorite stores.
- unlocking of exclusive offers and price drop notifications.
- delivery tracking of all items purchased using Klarna and not using it.
- Overview of expenses and preparation of monthly budgets.
- One-click paymentssystem to report problems and returns.
One of the main keys to this new evolution of fintech is the single use cards, virtual cards with 24 hours duration which consist of a number that the Klarna user will receive and that will allow him to pay at any online store in Spain as if it were a regular credit card. These cards will be linked to the client’s “real” credit or debit card from the moment of their creation.
To use a virtual single-use card, customers must visit the online store they are interested in using the search engine in the Klarna app. After adding the items to buy to the cart, they will press the pink button “Pay with K”. At that moment they will create a single-use card for the value of the purchase plus shipping costs and they will choose to pay with it.
The Swedish fintech has explained that it plans to launch “new features to bridge the gap between purchases and payments” coming soon. These functionalities will include a space to store loyalty cards, tools to promote savings, social features (such as live shopping events) and product data that will make price history, reviews, and store availability visible. The app will also allow the integration of third parties in the future to offer even more solutions and services that seek to make Klarna “the shopping browser of the future”.
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