Klarna reveals plans to release a physical Klarna Card

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Klarna has revealed it plans to release a physical ‘Klarna Card’ in the US, at the same time as it launches its ‘Pay Now’ service.

The Pay Now option will allow customers to pay immediately and in full at any online retailer where the Swedish financial technology company’s payment gateway is listed as an option.

The fintech giant is best known in the US for its ‘Pay in 4’ offering which enables consumers to spread the cost of products over four, interest-free instalments.

The buy now, pay later (BNPL) sector has seen a massive uptick in growth over the past 18 months, with payment providers including PayPal and Jack Dorsey’s Square both expanding into the industry.

READ MORE: Klarna and Wish expand partnership

Klarna’s move comes a month after it announced it was releasing the same ‘Pay Now’ option for UK consumers amid a wave of upcoming regulation for the industry.

“We firmly believe that most of the time, people should pay with the money they have, but there are certain times where credit makes sense,” Klarna chief executive Sebastian Siemiatkowski said.

“The changes we are announcing today mean that consumers are fully in control of their payments whether they pay now or pay later.”

The BNPL giant has also revealed it is strengthening affordability checks, simplifying checkout language, providing more ways of fair redress for consumers and removing the last remaining late fees on its regulated financing product, all with immediate effect.

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