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Klarna brings first loyalty program to buy now pay later space

Global payments provider and shopping service leader, Klarna is launching a first-of-its-kind customer loyalty program for buy now pay later (BNPL) customers.

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The no-fee Vibe program will apply to all purchases made directly through the Klarna app no matter the store, and also when using Klarna at over 200,000 partner retail stores globally. Program members will earn one “Vibe” (point) for every dollar they spend. Vibes can then be redeemed for rewards such as gift cards from Sephora, Foot Locker and Uber among others.

Vibe members will also have access to exclusive online and offline sales and shopping experiences and can earn an extra layer of rewards if they are already part of an existing loyalty program through the retailer they are purchasing from.

To encourage and reward responsible spending habits, members will earn Vibes once their payments are completed and paid on time. Klarna developed the Global Vibe program with direct input from customers, who said they often find traditional credit card loyalty memberships confusing and difficult to navigate and that they wanted more freedom within a rewards program.

Klarna CEO, Sebastian Siemiatkowski said Klarna is the first company in the BNPL space to offer a personalised rewards program.

“We are laser focused on providing our nearly 8 million US consumers with the most convenient, seamless and enjoyable shopping experience possible, from end to end, and the Vibe program builds on our efforts and success. Vibe members have the freedom to shop everywhere and will enjoy access to unique, tailored benefits from hand-picked partners in addition to exclusive offers, deals and other rewards.”

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Vibe will initially be rolled out to the US market in June before being extended to other key markets including Australia, Germany, Sweden and the UK within the next year.