Once approved, people will be able to choose from a range of repayment terms, from 3 to 36 months, and have the ability to manage this in the OnePay app.
Klarna is set to become the exclusive provider of buy now, pay later loans for Walmart.
The Swedish firm, which this week publicly filed a registration statement (Form F-1) with the US Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its ordinary shares, will partner with OnePay, a consumer finance app backed by Walmart and Ribbit Capital, to offer installment loans for purchases at the retailer in the United States. OnePay is already integrated inside of Walmart’s physical and digital channels.
“This is a game changer,” said Sebastian Siemiatkowski, Co-Founder and CEO, Klarna. “Millions of people in the US shop at Walmart every day – and now they can shop smarter with OnePay installment loans powered by Klarna. OnePay choosing Klarna as their exclusive installment loans partner at Walmart in the US is a huge vote of confidence as we pursue our goal of being available everywhere for everything. We look forward to helping redefine checkout at the world’s largest retailer – both online and in stores.”
The loans will cover thousands of items, including electronics, home and garden, and automotive. Once approved, people will be able to choose from a range of repayment terms, from 3 to 36 months, and have the ability to manage this in the OnePay app.
“It’s never been more important to give consumers simple and convenient ways to access fair credit at the point of sale – and that’s especially true for the millions of people who turn to Walmart every week for everything,” said Omer Ismail, CEO, OnePay. “We’re incredibly excited to partner with Klarna to give consumers easier and more seamless ways to shop with OnePay at Walmart.”
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