SAN FRANCISCO—Stripe has announced it will now allow retailers to add Klarna’s buy now pay later service as a purchasing tool for customers.
Merchants that use technology from Stripe, last valued at $95 billion, will be able to integrate Klarna’s payment methods on their websites, Bloomberg reported.
The move will vastly increase Klarna’s potential network of sellers, while retailers with Stripe can access flexible spending options to boost their sales, according to the report.
“Stripe competes with Square and PayPal, both of which have inked sizable deals with Klarna rivals. In August, Square said it would buy Australian buy now pay later company Afterpay for $29 billion, while PayPal bought Japan’s Paidy for $2.7 billion in September,” Bloomberg noted.
As CUToday.info has consistently reported, BNPL solutions have quickly grown in popularity, and credit union trade associations and consumers groups have both been calling on Congress to bring greater regulatory scrutiny to the offerings.