Klarna goes live on J.P. Morgan Payments platform in the US

Klarna said on August 6 that its first integration with J.P. Morgan Payments is live in the United States, allowing merchants on the bank’s Commerce Platform to offer its payment options at checkout without separate technical work, according to a company release reported by PYMNTS.

Merchants across retail categories, among them apparel, travel and health and wellness, can now present customers with the full range of Klarna options: pay in full, interest-free instalments and longer-term financing, through their existing platform setup.

“J.P. Morgan Payments’ reach combined with Klarna’s conversion power is a genuine competitive advantage,” David Sykes, chief commercial officer at Klarna, said in the release.

Michael Lozanoff, global head of merchant services at J.P. Morgan Payments, said implementation has been a barrier for merchants that want flexible payment options, and that bringing Klarna directly onto the Commerce Platform removes it for businesses of every size, according to Yahoo Finance.

The integration targets smaller merchants in particular. More than one in four Americans say they are more likely to complete a purchase when flexible payment options appear at checkout, according to figures cited in the announcement, a conversion effect the companies said had been out of reach for retailers without the resources to manage complex payment integrations.

J.P. Morgan Payments processes about $2.6 trillion in merchant payment transactions a year and describes itself as the largest merchant acquirer in the United States. Klarna reports more than 119 million active users, 3.4 million transactions a day and more than one million retail partners. The company trades on the New York Stock Exchange under the ticker KLAR.