Monday, 13 July 2020

Klarna launches first buy now, pay later rewards programme

Klarna announced that it is launching a customer loyalty programme called Vibe, becoming the first buy now, pay later service provider to offer a rewards programme. The no-fee programme will be rolled out to the US market in June before being extended to Klarna’s other key markets – Germany, Australia, Sweden and the UK – within the next year. The move is the next phase in Klarna’s efforts to evolve the shopping experience and to deliver inspiration, convenience and even more value.

“We’re extremely proud to be the first company in the buy now, pay later space to offer a personalised rewards programme,” Klarna’s CEO Sebastian Siemiatkowski said. “We’re laser focused on providing our nearly eight million US consumers with the most convenient, seamless and enjoyable shopping experience possible, from end to end, and the Vibe program builds on our efforts and success. Vibe members have the freedom to shop everywhere and will enjoy access to unique, tailored benefits from hand-picked partners in addition to exclusive offers, deals and other rewards.”

The no-fee Vibe programme applies to all purchases US Vibe members make directly through the Klarna app no matter the store and when using Klarna at over 200,000 partner retail stores globally. Programme members earn one Vibe (point) for every $1 they spend, and Vibes can be redeemed for rewards, such as gift cards from customer favorites like Starbucks, Sephora, Foot Locker and Uber. Vibe members will have access to exclusive online and offline sales and shopping experiences and can even earn an extra layer of rewards if they are already part of an existing loyalty programme through the retailer that they are purchasing items from.

Klarna is uniquely delivering curated rewards benefits to customers without the fees and high interest rates often attached when using credit cards and their accompanying loyalty programmes. To encourage and reward responsible spending habits, members will earn Vibes once their payments are completed and paid on time. Klarna developed the Global Vibe programme with direct input from customers, who said they often find traditional credit card loyalty memberships confusing and difficult to navigate and that they wanted more freedom within a rewards programme.

Re-disseminated by The Asian Banker

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