- Robyn Turk |
As buy-now-pay-later services grow in availability and popularity, H&M has expanded its partnership with Klarna to offer payment plans to its U.S. business across all channels. The service is offered to H&M's loyalty program members, who can opt to pay for their H&M purchases later to increase their purchasing power.
While consumers are becoming familiar with seeing payment plan options from Klarna or similar companies in online checkouts, Klarna and H&M are bringing the service into stores as well. Customers choosing to Pay Later through Klarna in a store can use the H&M app at checkout to decide how and when they want to pay.
"Shopping at H&M should be convenient, relevant and inspiring and we are happy to now offer fashion fans in the U.S. a whole new way of paying for their fashion finds," H&M North America chief financial officer Stefan Vos explained in a statement. "Through the partnership with Klarna, we have developed an H&M-unique payment solution that offers our fans a truly modern shopping experience no matter where and how they choose to shop."
Klarna's CEO, Sebastian Siemiatkowski, added, "The foundation of the Klarna and H&M partnership is a commitment to continuously develop smarter, simpler and engaging shopping experiences. We at Klarna are excited to now launch our leading Pay Later offering together in the U.S. enabling a unique shopping experience for consumers - instore and online."