Californian electronic payment company Verifone is making Swedish shopping service Klarna available as a buy now, pay later offering to millions of Verifone devices in the USA and Europe.

The integration with Verifone’s cloud services platform lets consumers leverage Klarna’s payment suite including interest-free payments, pay later in 30 days with no interest and financing in store.

Together, Klarna and Verifone hope to help retailers create a personalised and smoother experience for their customers, unlocking growth, boosting conversion rates and driving customer satisfaction and loyalty.

The pandemic has impacted shopping behaviour worldwide and the use of contactless payments in stores has increased rapidly as consumers aim to avoid physical contact.

“The last few months have seen unprecedented challenges for physical retail,” said Luke Griffiths, chief commercial officer of Klarna. “We truly believe that 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. We are excited to partner with Verifone as one of the largest and most impactful players in the in-store space, and also being the first buy now, pay later provider on millions of devices. Together we will support retailers globally in creating a superior and more seamless shopping experience for consumers in store.”

Using Klarna in store is easy for consumers and they can complete their purchases securely in a few simple steps on their smartphones. At checkout, the consumer will select Klarna as the payment option on the screen of the Verifone device, scan a QR code, and then verify their ID.

“Enabling alternative payment methods in store is truly exciting, and it’s only possible in such a seamless manner through the Verifone cloud services platform we’ve created over the past few years,” said Jeremy Belostock, head of alternative payments at Verifone. “Klarna is particularly interesting and unique in that merchants will have access to new, larger revenue opportunities through its flexible payment options, and Klarna comes with simple settlement functionality for the merchant. We’ve removed the complexity for merchants. Retailers of all sizes have seen massive success with Klarna online, and with Verifone they’ll see the same success in store.” 

With Klarna, consumers can buy now and pay later, so they can get what they need today. Klarna’s offering to consumers and retailers includes payments, social shopping and personal finances. More than 200,000 retail partners include H&M, Ikea, Expedia, Samsung, Asos, Peloton, Abercrombie & Fitch, Nike and AliExpress.

Founded in 2005, Klarna has a valuation of $10.65bn and over 3500 employees. It is active in 17 countries.