PAYMENTS

Klarna Launches Rewards Program and Pay Now in Nine New Markets

Klarna | February 23, 2022

Klarna_Launches_Rewards
Klarna, a leading global payment, retail bank, and shopping service provider, announces its plans for the international expansion of its two fastest-growing products across nine key markets. The program enables consumers to conduct immediate payments through Pay Now’s new payment method. Klarna ensuresto become go-to for any purchase services provider and offersrewards for consumers during every payment. The expansion of these products also enables the company to serve a broad range of fast-growing verticals and drive consumer loyalty and engagement. Consumers in the markets will manage their entire payments, redeem rewards and get access to a wide range of services in the Klarna App. 

Since the launch of Klarnain September 2020, its rewards program has expandedbeyond 4 million members in the US and Australia.Also, nearly 1 million members joined in the last quarter only. Klarna is also introducing "Missions" as another part of the international expansion of the rewards program.

Sebastian Siemiatkowski, CEO and co-founder of Klarna over this news, commented, "With the introduction of Pay Now, Klarna will offer consumers in more markets the choice to pay immediately and in full, alongside our sustainable, interest-free Pay Later services. From large purchases to everyday essentials like mobility services and entertainment, Klarna provides consumers with maximal choice, control, and flexibility in how they pay for every single purchase and rewards them for every payment they make on time."

Camilla Giesecke, Chief Expansion Officer at Klarna,also mentioned, "With our rewards program, we help consumers get more out of every dollar they spend and actively encourage consumers to pay for their purchases on time, making money management fun and engaging. Members of the rewards program have a 50% higher engagement with the Klarna App than non-members, demonstrating its effectiveness to build long-term loyalty and strengthening the Klarna App as a growth channel for our retailers."

Spotlight

March quarter snapshot: Banking & IT sectors among 5 FII favorites The S&P BSE IT index rose 8%, while Nifty Bank rose 12% hitting record high, S&P BSE oil & gas index gained 11% and Nifty Pharma gained 5% in the March quarter Foreign investors poured in more than Rs 46,000 crore in the March quarter into Indian equities with maximum investments in five sectors, including financials, IT and automobile. Total financial services sector witnessed the highest inflows as on March 31. According to NSDL data, Total financial services includes banks and other financial services (financial institutions, holding companies, HFCs, NBFCs, AMC, and EFT).

Spotlight

March quarter snapshot: Banking & IT sectors among 5 FII favorites The S&P BSE IT index rose 8%, while Nifty Bank rose 12% hitting record high, S&P BSE oil & gas index gained 11% and Nifty Pharma gained 5% in the March quarter Foreign investors poured in more than Rs 46,000 crore in the March quarter into Indian equities with maximum investments in five sectors, including financials, IT and automobile. Total financial services sector witnessed the highest inflows as on March 31. According to NSDL data, Total financial services includes banks and other financial services (financial institutions, holding companies, HFCs, NBFCs, AMC, and EFT).

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