Swedish fintech Klarna is expanding its partnership with video game retailer Gamestop to include virtual shopping and faster payments for Irish customers.
It will be the games retailer’s first foray into virtual shopping, connecting customers with in-store experts at Gamestop, giving them access to live product advice via chat and video calls, reviews and recommendations in real time.
Gamestop already offered Klarna’s buy-it-now and pay-later services to customers, with the “pay in 3” product that gives consumers the option of splitting the cost of purchases into three equal payments without interest or fees. The expansion will allow customers to log into their Klarna account to access express checkout and additional security protections.
“Gamestop’s strategy is to provide our customers with an engaging, informative and personalized online shopping experience,” said Maximiliano Donzelli, European Director of Marketing and E-Commerce at Gamestop. “That’s why we are delighted to extend our partnership with Klarna in Europe, which will be essential in giving our customers greater choice in how they want to pay and shop and in providing them with world-class customer service. store when shopping online.”
Klarna also plans to expand further in Europe, launching with payments and express checkout in Germany and Italy for Gamestop customers.
“We are delighted to have Klarna’s express checkout and shopping services available to Gamestop customers in Ireland and launching in new markets, as we see increased demand for flexible payment options and payment tools. social purchasing,” said Colin Creagh, business development manager. in Ireland at Klarna.
“Consumers across Europe will be able to enjoy the flexibility and convenience of Klarna’s payment options while having access to personalized virtual customer service.”
The Swedish payments company has officially entered the nascent buy-it-now and pay-later market in the Republic, aiming to take advantage of the boom in online shopping that has been accelerated by the Covid-19 pandemic. 19. The group’s 250,000 retail partners worldwide include names such as H&M, Ikea, Samsung and Macy’s.
Buy-it-now and pay-later businesses make money by charging merchants 2-5% of a product’s purchase amount. Klarna does not charge late payment fees or interest rates on the “pay in 3” offer, but starts with customers with small transactions to build a profile for additional credit.
A report by research group Research and Markets published in July last year found that the Irish buy it now and pay later market is expected to grow by around 50% a year to around $1.2 billion. (€1 billion) by 2028. It is currently worth around $267 million.