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It could also be a big opportunity for other device-agnostic payments apps that don鈥檛 offer contactless payments鈥攍ike BNPL firms Klarna and Affirm. That could help them finally break into in-store retail. Our take: On its own, Vipps isn鈥檛 going to take down Apple Pay鈥檚 preeminence.

Google is expanding Google Pay's payment options by adding Afterpay to its existing buy now, pay later partners Affirm and Zip, with Klarna coming soon. Our take: Google is one of several notable companies turning to retail and ecommerce to boost engagement and deepen consumer connections.

The CEO of fintech company Klarna said in August that the company plans to use AI to cut 2,000 jobs. TikTok laid off hundreds of employees in October, replacing content moderators with automated tools. Shifting approach: Now, Microsoft is being explicit about how its technology will contribute to a changing future of work, and how its own approach to staffing has changed.

Klarna. Marketing Dive. Monks. Ogilvy. Smartly.io. Synthesia. The Coca-Cola Co. The Keenfolks. Volkswagen.

Klarna used AI for image generation, translation, and other tasks once performed by outside firms. It unveiled a customer service chat that can do the work of 700 people and plans to cut 1,800 jobs as it leans in on AI. Ad agencies have invested in AI, with leaders like WPP and Publicis disclosing plans to spend hundreds of millions on the technology.

Best Buy, Klarna, and Walmart are among the companies relying more heavily on chatbots to offer customer support with the expectation that such tools can provide faster, more personalized service. But users are decidedly skeptical of customer service chatbots: Just 9% of online shoppers think that using AI for customer service improves their ecommerce experience, per a survey by Bizrate Insights.

Klarna. PayPal. VantageScore.

Klarna. McKinsey & Company. NerdWallet. PYMNTS.com. Sezzle. Visa. Volopay. Worldpay.

And because Klarna users are already in a buying mindset, they're likelier to act on ads they see. Klarna also collects data on the specific items consumers buy (SKU-level data) so that ads can be hyper-personalized. Weaknesses. Klarna has spending data only within specific categories like clothing, makeup, and electronics.

(However, this isn鈥檛 a perfect comparison with credit card issuers鈥�Klarna calculates its loss rate as a fraction of GMV rather than loans). Despite losses from the BNPL industry remaining low, it doesn鈥檛 mean BNPL habits aren鈥檛 a cause for concern.

Apple Pay has also integrated Affirm, Klarna, and other BNPL players into its wallet. Our take: Marqeta Flex can help speed up this trend, making it easier for wallets and cards to integrate BNPL options. Eliminating the need for BNPL providers to work with merchants will expand where BNPL can be used and accelerate adoption.

Klarna, for example, is pushing Pay Now. It also made a rideshare tie-up earlier this year, partnering with Uber. PayPal has also tried to grow Pay with Venmo to monetize the peer-to-peer (P2P) app.

Sezzle and Klarna made progress toward long-term profitability in 2023鈥攚e look at how they鈥檙e using subscriptions to help make that happen

The service may incentivize more shoppers to pay with the BNPL provider, and it may also bring Klarna key data benefits

Klarna hailed AI鈥檚 potential, but it needs to consider how the tech can bring benefits that competitors can鈥檛 replicate.

The travel booking site partnered with Stripe and Klarna to offer BNPL and smoother bank transfers.

Financial institutions can also attempt to bring shoppers into their own apps, as Klarna did in 2021 when it started offering shopping and payment management in one place. But this approach is challenging, because US consumers are not used to shopping from finserv apps. 2. Consumer trust is vital to financial institutions.

Earlier this month, Rite Aid partnered with Klarna; customers can use the BNPL option for over-the-counter medicines but not prescriptions. Affirm also partnered with eyewear retailer Zenni Optical and has made its financing available for elective medical procedures through various tie-ups. Our take: BNPL user growth is slowing in the US.

Examples include Affirm, Afterpay, Klarna, Zip, and PayPal's BNPL service. Some short-term, no-interest loans can be accessed only at retailers. Examples include Bread Pay and SetPay. Services that provide a revolving line of credit, retailer-branded financing options, closed-loop marketplace financing services, and card-linked installment services are excluded.Less.

Klarna. LivePerson. National Bureau of Economic Research. PureSpectrum. Researchscape. UiPath.