Millions of businesses in 20 countries that use Stripe’s online software for operations will now have the option to offer customers Klarna’s buy now-pay later installment payment choices, the companies said in a joint release Tuesday. Meanwhile, Klarna will tap Stripe to take payments from consumers in the U.S. and Canada, according to the release.
In addition, Stripe has designated Klarna as its “preferred payments partner” for consumer purchases, the release said. As a result, after a customer’s purchase is funded by Klarna and the first payment is made, subsequent payments will be processed by Stripe.
“After initial tests with Stripe yielded significant improvements in reliability and performance, Klarna decided to shift even more of its payments volume to Stripe than initially planned,” the release said. “Klarna will now rely on Stripe to process around 90% of its payment volume in the US and Canada.”Payments Dive