Brian Meeks’ Post

Klarna Cashback Drives $100M-Worth of Sales in Just Six Weeks Erin Jaeger, head of North America for Klarna says, “The take-up has been phenomenal! Cashback is driving a huge uptick in conversion for our merchant partners, and consumers are earning money while they shop… and after they stop!”  https://lnkd.in/eF2SNgb8 Sebastian Siemiatkowski Camilla Sanders Sofia Back David Sandstrom Joachim Reuss David Fock David Sykes Niclas Neglen #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Buy now, pay later (BNPL) is a product that got its boom in the pandemic as consumers went online to make their purchases. The product has continued to skyrocket upwards in popularity and has been a widely successful payment method among consumers. According to data from Javelin Strategy & Research, one quarter of consumers had used the payment method in 2023. Among those consumers, BNPL was most popular with Gen Z and millennials in line with digital payments like app-based wallet payments. Read more: https://ow.ly/ufMO50UkXa6 #payments #credit #BNPL #consumerspending

BNPL provider Affirm is launching its service in the UK #Affirm, the US-based buy now, pay later firm founded in 2012 by Max Levchin (also a co-founder of PayPal), has launched its services in the UK—marking its first major international expansion outside of the US and Canada. Authorized by the UK's Financial Conduct Authority, Affirm offers flexible pay-over-time payment options without charging any late fees, with payment programs lasting up to 36 months. With over 50 million users globally and partnerships with more than 300,000 merchants including Amazon, Shopify, and Walmart, the #fintech giant is set to make a significant impact on the UK's competitive BNPL market. Early merchant partners in the UK include Alternative Airlines and Fexco, with more expected to join in the coming months. Max Levchin expressed enthusiasm about the UK launch, citing strong demand from merchants and the opportunity to offer consumers greater financial flexibility. "We got such an enormous amount of market pull. It kind of sealed the deal for us," he said. As the UK government considers new regulations for the BNPL industry to ensure consumer protection, Affirm's entry brings fresh competition and innovation to the market, currently dominated by players like Klarna, Clearpay (Afterpay), Zilch, and PayPal itself. The article on CNBC in the first comment.

You've Heard Of BNPL - What About SNBL? Buy Now Pay Later (BNPL) has been one of the success stories in payments over the past decade. But what about Save Now Buy Later (SNBL)? A way to benefit from spreading payments over time without taking on debt, it offers flexibility to both consumers and merchants.  Here's how SNBL works: a consumer commits to a purchase with a specific retailer, makes an initial payment, and then continues to add funds to an account. The total amount added to the account is expected to match the value of the goods they intend to buy. In short: 💰 Consumers enjoy potential cashback or additional rewards with SNBL payments. 🛍 Retailers benefit from increased sales, particularly in markets with limited access to formal credit. 📈 Businesses can share the benefits of purchases with their customers. 🗑 SNBL, like BNPL, typically results in higher total purchase values for online and in-store shoppers. In my interview with Payments Culture, I delve deeper into LayUp's offerings and our SNBL mission. Special thanks to Matt Jones for the feature! Read it here: https://bit.ly/3w7KvPG

Are you available for your cardholders at their point of need? “Companies like #Klarna and Affirm acquire customers at the point of need for that one buy-now pay-later purchase by offering an alternative to the bank or credit union card,” Bryce Deeney said. “And once the consumer is approved and downloads the app, these companies try to win the entire relationship — a major threat to traditional issuers.” Read more from equipifi, J.D. Power, and #Affirm on Practical Ecommerce. Dale Laszig #BNPL #buynowpaylater #debitcard #creditunion #banking #payments

Klarna Customers Can ‘Save Now, Pay Later’ With New Balance and Cashback Features Sebastian Siemiatkowski, Co-founder and CEO of Klarna says: “Klarna owes everything to our loyal network of millions of consumers. These new products make it easier for customers to manage multiple scheduled payments, helping our customers use Klarna for more frequent purchases and driving loyalty. We are already one of the most trusted brands in financial services and we want to build on that to support all consumers with their everyday spending. Today's launches are a major step forward, allowing consumers to earn money while they shop and manage it in a Klarna account." https://lnkd.in/dC25wfwP Daniel Greaves David Fock Arvind Varadhan David Sandstrom Camilla Giesecke David Sykes Pedro Camargo Kevin Lindemann #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

I share this with every credit union I talk to. Launching BNPL as a credit union isn’t just about competing with big banks who offer BNPL- it’s about preventing your members from replacing you entirely- in this case, by a 3rd party fintech. It starts with the 💳 relationship.

Klarna reports a SEK260 million profit in Q3 and strikes some partnerships ahead of holiday season #Klarna, the AI-driven global #payments network and shopping assistant, has reported a net profit of SEK 216 million for Q3 2024, marking its second consecutive profitable quarter. Under the leadership of CEO Sebastian Siemiatkowski, Klarna has returned to a phase of profit and growth, bolstered by strategic partnerships and rapid adoption of next-generation digital banking products. This momentum sets the stage for a strong holiday season, as Klarna continues to enhance its footprint in the global payments market. Strategic partnerships with key players like Worldpay, Adyen, Apple Pay, and Google Pay are expanding Klarna's reach to hundreds of thousands of new merchant checkouts and in-store terminals worldwide. Recent launches with brands such as Zoom and Lenovo further emphasize Klarna's role as a unified global payments partner, helping merchants increase average order values, conversion rates, and overall sales. The company is positioned to capture a significant share of the $450 billion payments market opportunity through its growing global network. Klarna's innovative digital banking products, such as Klarna Balance and Klarna Cashback, have quickly gained traction, with 1.6 million users in just three months and nearly $5 million returned to customers through rewards. These features enhance customer engagement but also support merchant sales growth, contributing to a 16% increase in gross merchandise volume (GMV) and a 23% revenue boost for the first nine months of 2024. The U.S. market remains a strong growth driver, with revenue up 33%, supported by partnerships with brands like Fashion Nova, Expedia, and Uber. The announce on Klarna website in the first comment.

Did you know 60% of online shoppers are more likely to buy when "Buy Now, Pay Later" (BNPL) is offered? Here’s why it matters: Customers want flexibility. Imagine they find the perfect product but hesitate at the price. With BNPL, they can split the cost into smaller payments, making it easier to commit. No stress, no second-guessing. And for you, the benefits are huge. Stores that add BNPL often see higher cart values and fewer abandoned checkouts. Why? Because it feels easier to spend when payments are spread out. Think about it: By offering BNPL options, you’re not just making purchases easier… You’re removing barriers. Adding BNPL is easy. Providers like Klarna and Afterpay make it simple to set up, and customers already trust them. The result? More sales, fewer abandoned carts, and happier shoppers. #Ecommerce #BNPL #Paymentoptions #Trendingnow

You've heard of #BNPL, but what about #SNBL? LayUp is a successful example of Save Now Buy Later, enabling many retailers, both online and in-store, to accept payments in instalments. Merchants across South Africa are using LayUp in a wide range of sectors. Read on for an exclusive interview with LayUp's founder and CEO, Andrew Katzwinkel, and sales technician, Xolani Shezi, on Payments Culture. Gain valuable insights into LayUp's mission and growth journey. #anticredit