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Klarna partners with Stripe to revolutionize retail shopping experience

Author : Pankaj Singh | Published Date : 2021-10-27 

Klarna, a leading worldwide retail bank, payments, and shopping service has announced a strategic alliance with Stripe to give a better shopping experience to retail consumers. Even the retailers who are using Stripe can now use Klarna as the preferred payment option to streamline the checkout process.

It is worth mentioning here that Stripe considered Klarna as a preferred payment partner for purchases made in the U.S. as well as Canada. With the improved performance rates, Klarna has now shifted around 90% volume of payment processing to Stripe. 

According to reliable sources, the integration of Klarna's payment solution with Stripe has resulted in an average 27% increase in sales, with a 41% rise in average order volume and a 36% increase in buy frequency. These factors have subsequently led to an increase in revenue as well, further demonstrating that Klarna’s consumer app has been gaining significant recognition off late.

Koen Köppen, the Chief Technology Officer at Klarna, believes that an alliance with Stripe will help retailers in their growth and will also create a win-win situation for both the business and consumers. 

Meanwhile, the Chief Product Officer at Stripe Will Gaybrick claimed that the partnership with Klarna will help them to generate more revenue through the payment flexibility, high conversion rates, and more attracted customer base.

Eligible Stripe users can begin accepting Klarna without any application, onboarding, or underwriting within minutes.  Klarna will also support Stripe's Payment Intents API, Payment Element, Checkout, and Connect. Stripe retailers will no longer require the development and management of separate APIs, integration patterns, or service level agreements (SLAs).

All retailers in Austria, Denmark, Belgium, Finland, France, Germany, Estonia, Greece, Italy, Ireland, Latvia, Lithuania, Norway, Netherlands, Slovakia, Spain, Slovenia, Sweden, the UK, and the United States can now use Klarna on Stripe.

Source credits:

https://www.prnewswire.com/news-releases/klarna-and-stripe-enter-strategic-partnership-to-fuel-growth-for-retailers-worldwide-301408468.html

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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