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January 29, 2024

Klarna Offering ‘Klarna Plus’ Subscription-Based Plan

Posted In: Retail Articles

In another expansion of its financing options, Klarna has initiated a subscription service model that the company is calling Klarna Plus, which provides perks for a fee.

Issued by WebBank, Klarna Plus is now available to eligible consumers in the United States through the Klarna app for a monthly fee of $7.99. It allows members access to a variety of features and offers, including access to special deals with popular brands such as Macy’s, Nike and Instacart, double rewards points and waived service fees on the One Time Card, which gives consumers the ability to use Klarna payment options at any online store in the U.S that accepts Visa.

The Klarna Plus debut comes during a period of substantial and continued growth for the company in the U.S. market, it asserted. Klarna continues to evolve beyond buy now, pay later services into what the company characterizes as a 360-degree shopping and payments ecosystem. Over the past year, Klarna’s U.S. customer base has expanded by 32%, now reaching 37 million consumers, the company maintained. 

“Today marks an exciting milestone for Klarna with the introduction of our first-ever premium subscription service, Klarna Plus,” said David Sandstrom, Klarna chief marketing officer, in announcing the introduction. “Our research indicates that dedicated Klarna users are looking for an enhanced shopping experience through a subscription model. Klarna Plus addresses this demand, allowing us to deepen our engagement with 37 million loyal U.S. consumers while also further diversifying a portfolio of payment and shopping solutions.”

Klarna asserted that the global subscription e-commerce market is thriving and projected to reach a valuation of $2.42 trillion by 2028, fueled by evolving consumer approaches to shopping and the expansion of the digital retail sector. 

According to Research and Markets, the global buy now, pay later market has entered a dynamic expansion phase marked by a compound annual growth rate of 48.3%, rocketing its value from $156.58 billion in 2023 to an estimated $232.23 billion in 2024. North America currently leads in BNPL use, while the Asia-Pacific region has emerged as the fastest-growing segment. An analysis suggests strategic opportunities across various economies for BNPL, with an emphasis on shifting consumer behaviors and regulatory landscapes, the market research firm maintained.

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