The “buy now pay later” initiative will enable customers of Arcadia to buy products online and pay for them later, bankingtech.com reports.
“Customers deemed eligible for credit will then be able to buy products but opt to pay for them later, interest free for up to 90 days.”, the payments vendor explains.
Users can have access to credit without being redirected away from the online store. Klarna adds that, according to its recent research, 67% of UK shoppers abandon their shopping basket online, which equates to an average loss of GBP 37.062 per UK retailer each year.
Set up in 2005, Klarna now has 65.000 merchants on its customer list, 1.500 staff and operations in 18 countries across Europe and North America.
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