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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.

With their respective commerce media network announcements in spring 2024, Chase and PayPal joined buy now, pay later (BNPL) fintech Klarna and neobank Revolut in the burgeoning world of FMNs. Financial services companies boast their cross-merchant, holistic view of consumer spending behavior as a key differentiator to advertisers.

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.

US merchants can now offer Klarna installment plans and pay links to customers. Squarespace expects to roll out more products throughout the year. Squarespace expects a boost in revenues from integrating payments into tiered subscription plans. Subscribers who adopt Squarespace Payments will receive a tiered pricing benefit. Sources. BigCommerce. GoDaddy. Shopify. Squarespace. Wix. Yahoo!

What鈥檚 next for Klarna:. Pushing banking products. Klarna rolled out cash-storing accounts in August and has since gained 1.6 million users. Klarna鈥檚 cash-back offers helped spur adoption, as rewards are put directly in these accounts. Growing in-store partnerships. Klarna expanded its partnership with Adyen, bringing the BNPL option to more in-store terminals.

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.

The added BNPL options help keep Google on a level playing field with Apple, which also offers Affirm and Klarna as payment options. With virtual cards, Google has a leg up on the competition. Apple recently enabled virtual cards for Apple Cash, but it still doesn鈥檛 offer this security feature for other cards stored in its wallet.

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.

Key Stat: Consumers worldwide crave personalized product recommendations and services, as well as a frictionless payment experience, per a Q2 2023 Klarna survey. GenAI can help payment providers meet demand in both areas. Executive Summary. GenAI is taking the consumer purchase journey by storm.

BNPL providers approved 79% of applications in 2022 thanks to counteroffers for subprime borrowers

Klarna. LendingTree. Mastercard. PayPal. Securities and Exchange Commission. Sezzle. The Motley Fool Ascent.

Klarna. Mintel. Opinon Matters. PayPal. RBC Capital Markets. Retail Economics. SAP Emarsys. Toluna. USwitch. Worldpay. YouGov.

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.

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.

We've talked about this the last three years ever since the word Klarna entered our vocabulary. Zak Stambor (11:22):. Right. Sara Lebow (11:22):. Due to BNPL, will there be a January hangover where you're still spending those hundred bucks every week on things you bought a month ago? Will consumers spend less in January because they spent on BNPL in December? Zak Stambor (11:38):.

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.

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.

Third-party providers such as Klarna and ClearPay are adding shopping features to their online platforms, encouraging retailers to leverage them to drive discovery and engagement. Klarna recently added a TikTok-like discovery feed powered by AI and a Shopping Lens visual search feature to its UK app.

Payment providers with financial media networks (FMNs) like Klarna, PayPal, and Chase may face restrictions on data they can share with advertisers, potentially limiting the FMNs鈥� revenue opportunities. Expands credit access. The new rule lets credit card providers make decisions based on data held by other FIs, like a consumer鈥檚 income and expenses.

Klarna. Kyra. McKinsey & Company. Near. Nepa. Nielsen. RSM. The Grocer. Toluna.