Can Swedish-based Klarna make a mark in the Australian BNPL space?

The kids in the 90s who were once immersed in the varying science fiction movies have grown to relive the similar high-tech experience as technology successfully enters new stage every now and then. You name a new technological possibility, and it is present across us. As our lives are fabricated around the digital platform, we place high relevance to our convenience and comfort.

The primary dilemma that surrounds the current world scenario is whether the digital space is evolving as per the human needs or is it human who is constantly adapting with every new technology thrown in their way. While we ponder over the dilemma of this decade, a global fintech pioneer Klarna recently made a stirring entry in the Australian market.

Sweden based Klarna with the collaboration of Commonwealth Bank of Australia (ASX: CBA) was officially launched in Australia on 30 January 2020. The company working on the model of buy now pay later (BNPL) is garnered towards attracting online shoppers. The consumerism culture is evolving across the globe, and extreme importance is placed on customer-centric experience at different stages of purchasing.

Online shopping, a reckoning force in the retail sector, is impacting our perception and expectations. However, amidst the burgeoning consumerism, the increasingly tech-savvy millennials find themselves struggling with their financial management. Klarna here can prove to be the saviour while catering to the financial needs of the consumers.

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