FinTech: Marqeta To Power Klarna’s Physical Visa Card For BNPL

June 2, 2022 | FinTech, News

The new card will let consumers pay for purchases in four equal instalments without interest.

Global card issuing platform Marqeta (NASDAQ: MQ) and BNPL fintech Klarna are working together on the issue of a physical Visa (NYSE: V) card – the Klarna Card – that the company’s customers can use to avail the facility to pay over time in four equal, interest-free payments for any in-store or online purchase.(BusinessWire)

Klarna Card

The Klarna Card has now been launched in the US after over 1 million consumers signed up to the company’s waitlist in a matter of weeks.

Issued by Webbank, it empowers consumers to pay over time in four, interest-free payments with no down payment for any store or online purchase, offering an alternative to high-cost credit cards that charge US consumers 16.45% APR on average.

The Klarna Card is available for $3.99 a month, and is entirely free for the first 12 months after activation, enabling consumers to try it out at no cost for a whole year.

In tandem with the launch of the card, a new service “Financial Overview” is now available in the Klarna App, featuring a host of money management tools to help consumers stay on top of their Klarna purchases and keep full control of their finances at all times.

“Our US customer base is growing rapidly and we’ve seen tremendous demand for our new Klarna Card offering. By working with Marqeta, we were able to quickly launch a brand new card program with seamless flexibility and controls,” said David Sykes, Chief Commercial Officer.

Customers using the Klarna Card will also be provided with a transparent, bi-weekly repayment schedule, making it easy for consumers to keep track of their payments.

Related Story: Klarna, Last Valued At $46B, Cuts Workforce By 10%

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