Klarna has announced the opening of the Gift Card Store, which was developed in partnership with a global branded payments provider Blackhawk Network.
The mentioned information is contained in a publication that was posted on Klarna’s website on Thursday, October 24th.
Data from the Gift Card & Voucher Association indicates that the financial volume of the gift card market in the United Kingdom is valued at 7 billion pounds ($9.08 billion). It is also expected that next year the corresponding figure will increase to almost 9 billion pounds. Klarna, based in Sweden, aims to get a piece in the mentioned market. The new store of this fintech company will provide consumers with the opportunity to purchase gift cards from brands such as Airbnb, Argos, and IKEA. Customers can use Klarna’s buy now, pay later (BNPL) products or its instant payment option, Pay Now.
The Gift Card Store is integrated into the fintech company’s app. Users can select from a list of retailers and send gift cards to friends and family. The mentioned list includes, among others, brands such as Fortnite, Adidas, Playstation, Deliveroo, H&M, Wagamama, Currys, and Uber.
Klarna said the new platform also includes features such as personalized notes and the option to deliver on a schedule. Moreover, a fintech company has stated its intention to expand to additional European markets by the end of the current year.
Klarna data indicates that digital gift loans account for more than 50% of the relevant market. The fintech company’s solution includes a barcode for redemption that can be used both online and in physical stores.
As we have reported earlier, Klarna Grows Its Presence in Physical Stores With Adyen Partnership.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
