NEW YORK—With credit unions facing ever-growing competition from buy now, pay later (BNPL) financing, one of the biggest providers in that space is planning to introduce a new option—a monthly subscription plan.
The launch of the new offering is coming as Klarna seeks to lock-in in its heaviest users ahead of an expected initial public offering this year, according to a new report.
The product is expected to cost $7.99 per month, CNBC said.
Users of the subscription plan, named Klarna Plus, will get service fees waived, earn double rewards points and have access to curated discounts from partners that include Nike and Instacart, stated Klarna Chief Marketing Officer David Sandstrom.
One Target? Target
When Klarna users shop outside the firm’s network of 500,000 retailers — at places such as Walmart, Target, Amazon and Costco — they pay $1 to $2 in transaction fees.
“The main proposition of Klarna Plus right now is that you don’t pay any service fees,” Sandstrom told CNBC. “So, if you love Klarna and if you love shopping at Target and Walmart, it makes a ton of sense financially.”
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