Klarna has collaborated with OnePay, a consumer finance app, to “exclusively” offer instalment loans for Walmart shoppers in the US.
This move will provide Walmart’s customer base with payment options both online and in-store, with direct integration at checkout slated for later this year.
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OnePay, backed by Walmart and Ribbit Capital, is already a fixture within Walmart’s physical and digital channels, delivering financial services to its customers and over 1.6 million US associates.
The inclusion of instalment loans, facilitated by Klarna, will be an addition to OnePay’s existing suite of banking, credit, and payment products.
Walmart’s US customers will soon have the choice to finance their purchases through OnePay instalment loans.
Upon approval, customers can select repayment terms ranging from three to 36 months and will be able to manage their loans via the OnePay app.
According to media sources, this move marks the end of Walmart’s partnership with Affirm for fast credit solutions.
Klarna co-founder and CEO Sebastian Siemiatkowski said: “This is a game changer. Millions of people in the U.S. shop at Walmart every day — and now they can shop smarter with OnePay instalment loans powered by Klarna. OnePay choosing Klarna as their exclusive instalment loans partner at Walmart in the U.S. is a huge vote of confidence as we pursue our goal of being available everywhere for everything. We look forward to helping redefine checkout at the world’s largest retailer — both online and in stores.”
OnePay CEO Omer Ismail stated: “It’s never been more important to give consumers simple and convenient ways to access fair credit at the point of sale — and that’s especially true for the millions of people who turn to Walmart every week for everything. We’re incredibly excited to partner with Klarna to give consumers easier and more seamless ways to shop with OnePay at Walmart.”
The announcement comes on the heels of Klarna’s recent steps towards an initial public offering (IPO).
Last week, the firm publicly filed a registration statement with the US Securities and Exchange Commission (SEC) for an IPO of its ordinary shares.
