Klarna has launched a desktop browser extension that enables shoppers to utilize its buy now, pay later (BNPL) offering across all online retailers, regardless of their affiliation with the company.
The new capability is partly being powered by virtual couponing application Piggy, which was acquired by Klarna recently. The application will also enable users to apply coupons on the checkout page and accumulate cashback and gift cards, depending on their location. Shoppers in the U.S. and Germany, for example, will be able to get cashback, while those in the U.K. and France will receive rewards in the form of gift cards.
The extension is compatible with Google Chrome and Microsoft Edge and will soon be available for use with Firefox and Safari. The service is now available in the U.S., the U.K., Germany and France and it will be rolled out to the rest of Klarna’s markets in the near future.
The offering works by generating a one-time use, Visa-powered virtual card. Users can input the card details of the virtual card in the payment field to make the purchase. Their card is then charged for the monthly installments. The offering also allows shoppers to save any items they like to personal folders and activate price drop notifications on those items.
“Online retailers are constantly looking for ways to reduce cart abandonment and improve the checkout experience – especially during the crucial holiday shopping season,” said Nicholas Mahalec, product director at Klarna and former CEO of Piggy. “By automatically adding coupons to shopping carts and enabling consumers to pay later with Klarna’s secure and convenient one time cards, the new browser extension not only saves consumers valuable time and money, but also boosts engagement and retention for retailers – regardless of whether they are Klarna partners already.”