Klarna, the leading global payments provider and shopping service, announced launching its customer loyalty program called Vibe, becoming the first ‘buy now, pay later’ service provider to offer a shopper loyalty program.
The no-fee program will be rolled out to the US market sometime this month while it’s expected to arrive in Australia within the next year.
We’re extremely proud to be the first company in the buy now, pay later space to offer a personalized rewards program
The Stockholm headquartered company said ‘Vibe‘ is the next phase in its efforts to evolve the shopping experience to deliver convenience and even more value.
The no-fee Vibe program applies to all purchases US Vibe members make directly through the Klarna app on any store. The loyalty program would also be available when shopping at over 200,000 partner retail stores globally.
The ‘buy now, pay later’ disruptive idea has helped Klarna record over 160% year on year growth of US retail partnerships. It strengthened its value proposition further by securing partnerships with H&M, Sephora, The North Face and other leading retailers.
Uniquely delivering curated rewards benefits to customers without the fees and high-interest rates
Program members earn one “Vibe” (point) for every $1 they spend, and Vibes can be redeemed for rewards such as gift cards from customer favourites like Starbucks, Sephora, Foot Locker and Uber.
Also read: Amazon launches JustWalkOut grabs its first customer
Earlier this year, Commonwealth announced a partnership with Klarna for the Australian market. CBA reported signing up about 25,000 customers in less than two weeks of its partnership.
Klarna recently revealed its customer base has grown to 7.85 million customers in the US alone while competitor Afterpay announced 5 million US customers. Afterpay recently revealed substantial investments from Tencent.
Competitor Openpay recently raised $30mn funding to accelerate its growth plans in Australian and UK markets while supermarket giant Coles launched Flypay partnering with Flybuys.
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