FinTech: Macy’s Offers Klarna’s “Pay In Four” BNPL Payment Option
The Klarna solution will be offered exclusively in-store and online across all Macy’s brands.
Departmental store chain Macy’s (NYSE: M), which operates more than 750 stores nationwide, is partnering with fintech Klarna to offer its Pay in Four service. Customers can opt to pay for their purchases in four interest-free installments at checkout. (RETAIL INSIGHT NETWORK)
Customers can pay in-store with the help of the Klarna app or via a single-use digital card, which can be added to their Apple or Google wallet.
Macy’s – Klarna
Last October, Macy’s bought a stake in Klarna, a Swedish payments group. The two companies also inked a five-year partnership whereby Klarna would make its BNPL offer available to the store chain’s online customers.
Macy’s investment in Klarna is part of a plan to accelerate initiatives that offer digital shopping and flexible payment, as well as appeal to younger consumers.
Klarna’s buy now, pay later offering appeals not only to younger demographics who increasingly prefer alternative ways to pay but also to any consumer seeking flexibility and convenience.
Meanwhile, companies that offered BNPL solutions benefited from a surge in online shopping following the COVID-19 pandemic.
Klarna US head David Sykes said: “As demand for digital, contactless payments skyrockets, Klarna is excited to expand its partnership across Macy’s, Bloomingdale’s, and Bluemercury to enable them to offer a superior shopping experience for customers nationwide, both in-store and online.”
Macy’s chief digital officer Matt Baer said: “Klarna’s in-store option gives our customers the same shopping experience in-store that they already enjoy online, making it easier for them to purchase with confidence.”
Related Story: BNPL Partnerships To The Fore As Holiday Shopping Looms
Image credit: Flickr
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