Buy now, pay later (BNPL) firm Klarna has announced it will be implementing a ‘Pay Now’ option for UK based consumers as part of its expansion and strengthening in the region.
The new addition will allow UK customers to pay immediately and in full wherever the Klarna payment option is available. The feature will be rolled out at the majority of UK retailers in the first quarter of 2022.
This will make the instant payment option available throughout 21 global markets, with the added choice allowing for more consumer clarity and control over their payment.
‘Pay Now’ is part of a number of consumer-based changes to be implemented by the company, including the improvement in credit and affordability checks.
Consumers will be able to safely share income and spending data from their bank accounts to confirm they can afford repayments, alongside the rigorous checks by Klarna itself. The addition will be made in an ongoing partnership with the UK Credit Reference Agencies, allowing Klarna customers, who use BNPL responsibly, to gain improved credit scores and debt protection.
As a way to increase transparency, the firm has further introduced more concise check out language for consumers, to emphasise that BNPL options are credit products, set with consequences for missed payments. A number of additional partnerships add to the increase in communication clarification, with simplified terms and conditions and smoother complaints management both part of the recent reforms.