News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Klarna Powers Installment Alternative for Online Merchants in the UK

Klarna Powers Installment Alternative for Online Merchants in the UK

Swedish online payments provider Klarna recently revealed several partners it will be working with in the U.K. to offer online shoppers there the option to pay for online purchases over time without using a credit card. Merchants using e-commerce platforms from BigCommerce, Cybersource, Shopify and Worldpay will now be able to offer British consumers financing when they buy online. Klarna, which enables companies to accept online payments authenticated only with an email address, said it will bring the same simplicity to installment payments for online purchases. The concept of financing online purchases continues to grow in popularity. Amazon, in fact, began offering the service in the U.K. last January. And Worldpay, one of the companies partnering with Klarna, authored a recent study examining consumers’ appetite for the service in airline travel. According to Klarna, a pilot test with a U.K. merchant group convinced them to roll out “buy now, pay later” nationwide. “After the successful launch with fashion giant Arcadia Group, we’re excited to make this retail financing solution available to even more merchants and consumers across the U.K.,” said Luke Griffiths, U.K. general manager of Klarna. “It not only delivers one of the most seamless solutions available today for people shopping online and on mobile, it also offers instant access to financing without redirecting customers away from the online store.