Buying merchandise from merchants on installment found another choice as Klarna just announced a mobile app for consumers. The transaction takes place without leaving the app and can be used at any merchant that chooses to participate. Alternative lending at POS has gained wider consumer adoption as hybrid shoppers are using smartphones for product research and buying. Consider that other features such as marketing offers can be integrated into the app which provides the personalization that appeals to customers.
A Digital Transactions article discusses more on this topic which is excerpted below.
Announced Tuesday, the Klarna app presents the retailer’s site with a footer containing a Pay with Klarna button. When selecting that option, the shopper can pay for purchases in four equal installments with no interest or fees. The app is open to any merchant, not just those already affiliated with Klarna, the company says. These could include retailers without an alternative-payment option or that use a competitor’s program.
Other app features include price-drop notifications, the ability to create a wishlist, and editorial content related to fashion, beauty, and lifestyle shopping.
“The demand for personalized shopping and ease of transactions are no longer trends in retail—they are now requirements,” Michael Rouse, Klarna chief commercial officer, said in a statement. “Streamlining the digital-shopping experience, from product searches to point of sale, allows consumers to not only take control of their purchases and on their terms—it also enables diverse, curated styles.”
Overview by Raymond Pucci, Director, Merchant Service at Mercator Advisory Group
