Klarna enters Spain retail market

Klarna officially launches in Spain by introducing ”Pay in 3”. Shoppers who use Klarna in a retailer’s checkout will be able to buy online and split their purchase into three equal payments with no added interest.

Klarna will go live with Michael Kors at the end of July with many more well-known brands to follow shortly.

With the launch of ”Pay in 3” (”Paga en tres plazos”), Spanish shoppers will be able to spread the cost of their purchase over three instalments, charged every 30 days.

The payment solution comes at no interest or fee when users pay on time. A

long with the new offer, Klarna will also introduce the Klarna app shortly which allows users to keep track of their payments, pay off existing payments, as well as find inspiration. 

Spain is more digitalized as ever

Klarna is launching in Spain at a time when the Spanish society becomes more and more digital.

According to Statista, revenue from eCommerce in Spain is expected to grow on an annual growth rate (CAGR 2020-2024) of 7.6%, resulting in a projected market volume of €22.9 billion by 2024.

This is also shown in other figures: 7 in 10 Spaniards between 18-65 years old bought online in 2019, which represents almost 20.3 million people.

Although the computer is still king, is the fact that the use of mobile for eCommerce grows steadily year over year and it is already being used by 53% of online shoppers (VI Annual Study of eCommerce in Spain, IAB Spain and Elogia, 2019).

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