Klarna launches ‘buy now pay later’ service in Spain

Swedish payment provider and bank Klarna, well-known for its ‘shop now, pay later’ service, has announced that it has successfully launched in Spain by introducing ‘Pay in 3’

The ‘Pay in 3’ option will enable shoppers to split their purchases into three, interest-free equal payments that will be charged every 30 days. The company will additionally introduce its app, where users will be able to track their payments and pay off existing payments.

Klarna, whose current partnerships include, among others, Asos, Nike and H&M, will be going live in Spain with Michael Kors at the end of the month, with other brands to follow shortly after.

“A common problem merchants are facing is to offer a seamless online shopping process,” said Daniel Espejo, country manager of Spain at Klarna, in a statement on Tuesday. “Consumers find something they’d like to purchase online but end up abandoning it due to long or complex checkout processes, extra fees or the lack of willingness to pay online for something that may not end up being delivered or not look as expected. This is why we’re so excited to bring our shopping solutions to Spain and open an office in Madrid.”

The company also pointed out the digital potential of Spain: According to research by Statista, revenue from e-commerce in Spain is expected to grow on an annual growth rate of 7.6 percent, which results in a projected market volume of 22.9 billion euros by 2024.