Harrods agrees buy now pay later tie up with Klarna
Klarna has announced a partnership with Harrods, offering customers buy now, pay later options throughout the retailer’s Knightsbridge store, H beauty locations in Essex (Lakeside) and Milton Keynes, and Harrods.com.
Further departments are set to roll-out Klarna’s Pay in 3 service in the coming months.
Luke Griffiths, Chief Commercial Officer at Klarna, comments: “Harrods is one of the most recognisable brands across the globe with a footprint and heritage that is unrivalled within the luxury retail space.”
“We are excited to bring our payment products to its customers across Europe and the US, offering them the option to buy goods how and when they want.”
Alex Unitt, Partnerships Director at Harrods, says: “We are known for providing a first class shopping experience, and this latest partnership with Klarna enables us to give our Harrods customers maximum flexibility and convenient payment options.”
“Klarna’s market leading payments products will enable us to continue supporting existing customers' payment needs, as well as enabling a greater breadth of customers to access Harrods’ unrivalled selection of international brands and products.”
Barclays on the attack
Unregulated buy now pay later (BNPL) products can carry unintended consequences that consumers are often unaware of, according to research from Barclays.
2,000 Brits, who have previously used BNPL services, were surveyed for this.
39% admited they lack a full understanding of how the products work.
And with 35% stating they’re more likely to use BNPL as the cost of everyday living increases, a growing indebtedness bubble could be on the horizon unless steps are taken to fully regulate lending at the Point of Sale, Barclays warns.
