The extension allows users to choose a flexible payment option at any online store
Spotted: Buy now, pay later (BNPL) services are growing by leaps and bounds as more people take advantage of the chance to split the cost of almost any purchase over several months interest free (as long as you pay on time). The UK’s largest BNPL provider, Klarna, has seen its customer base double to 15 million since early 2020. Now, Klarna is launching a browser extension that allows shoppers to use the BNPL service at all online stores, regardless of whether the store is already partnered with Klarna or not.
The new browser extension essentially allows shoppers to choose a flexible payment option with almost every online purchase. It also brings the functionality of the mobile app to desktop shopping, which accounts for 32 per cent of all e-commerce traffic and 44 per cent of all online orders. The browser extension will additionally add coupons and cashback offers to purchases made using Klarna automatically, saving consumers time and money.
Earlier this year, Klarna acquired Piggy, a browser extension which alerts users to cheaper offers when browsing shopping websites. In fact, Piggy was the eighth startup snapped up by Klarna this year. Other purchases include comparison site PriceRunner. The purchases are seen as a move to create a new ‘Google for shopping’.
Nicholas Mahalec, Product Director at Klarna and former CEO of Piggy, explains, “Online retailers are constantly looking for ways to reduce cart abandonment and improve the checkout experience… the new browser extension not only saves consumers valuable time and money, but also boosts engagement and retention for retailers – regardless of whether they are Klarna partners already.”
Fintech is working on a number of fronts to develop a smoother, faster online payment experience. From one-click checkout to platforms working to make financial services available to the unbanked, a host of startups are making it easier for everyone to buy online.
Written By: Lisa Magloff