Department store and online retailer Macy’s is partnering with payments services firm Klarna in an effort to offer customers installment payments on purchases.
The partnership will enable customers to pay in four equal, interest-free installments at online checkout.
“With a strong focus on digital agility and innovation, Macy’s continually seeks strategic partnerships that enable us to provide our customers with the best possible shopping experience,” said Matt Baer, chief digital officer of Macy’s, Inc.
In a joint statement, the companies noted Klarna’s buy now, pay later offering appeals to younger demographics who increasingly prefer alternative ways to pay.
“Amid e-commerce’s rapid acceleration, Macy’s has been fast-tracking digital initiatives and partnerships to quickly meet increased customer demand for online shopping and flexible payments options,” the statement said.
Klarna said in the release it has more than 200,000 retail partners globally and a U.S. consumer network of nine million shoppers. As part of the agreement, Macy’s Inc. becomes an investor in Klarna.
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