Westpay AB, a leading fintech company, and Klarna AB, a leading global retail bank, payments, and shopping service, has signed an agreement aiming to expand the reach and footprint of Klarna’s payment services. Consequently, Westpay is now integrating Klarna’s payment offerings, making them an integral part of Westpay’s Swipe2Pay technology. This solution will make Klarna a natural choice for Westpay’s merchants and POS Partners, parallel to other payment methods.
With Swipe2Pay, Westpay has a unique technology platform that allows us to, on-going, add new alternative payment methods next to traditional card-present payments. In addition, to strengthen the value of Westpay’s and Klarna’s offerings to merchants and consumers, this collaboration will also add transaction revenue to Westpay.
– We all know the impact Klarna has had and continue to have on the payment landscape. The simplicity they brought to online payments has been a game-changer for the end-consumer. Through our cooperation, we will bring the same simplicity to in-store environments. I am looking forward to working together with Klarna, advancing the next generation of in-store payments, says Sten Karlsson, CEO at Westpay.
Klarna is the leading global payments and shopping service, providing smarter and more flexible shopping and purchase experiences to 90 million active consumers across more than 250,000 merchants in 17 countries.
– At Klarna, we are always looking for partners that help the end-consumer to a smoother experience. Westpay has a solid, innovative, and future-proof solution that strengthens our in-store offering. They manage to implement our offering while maintaining simplicity. Having the best consumer experience is key for us, and together with Westpay, I am confident that we keep doing just that, says Tom Ruhne, Head of Partnerships at Klarna.
Under the agreement, Klarna will pay and Westpay will receive revenue based on the transactions generated involving Klarna’s solution. Several factors affect total future potential transaction revenues, such as average user adoption, transaction values and volume of transactions. These factors are highly uncertain and prevent us, at this early stage, to predict future revenue. This collaboration is not associated with any major costs for Westpay. The Klarna services are expected to be integrated in Swipe2Pay and reach Westpay’s customers during Q4 2021.