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But Splitit is not alone in targeting the in-store BNPL market: Klarna and Afterpay also have offerings. That could make it harder for the firm to stand out as industry leaders also turn from ecommerce to brick-and-mortar shopping. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry.

Klarna also just achieved its first quarterly profit since 2019 in its Q3 2023 earnings (ending September 30). This positions both companies for strong financial health moving forward. In the future, Affirm plans to reinvest some of its profits into growth initiatives. What鈥檚 next? Affirm hopes its growth will continue during the holiday season.

Fintechs like Klarna and Afterpay and incumbents entering the market have made it harder for BNPL providers to stand out. But Affirm is still increasing its volume and can benefit from market growth: By 2026, 38.9% of US internet users will use a BNPL solution, up from 30.7% in 2022, per Insider Intelligence forecasts. What next?

Klarna: The buy now, pay later company expanded its Ads Manager to the UK and Sweden, but Klarna has been fairly quiet on the retail media front. It risks being overshadowed by other payments companies entering the RMN game. This was originally featured in the 蘑菇AV Daily newsletter. For more marketing insights, statistics, and trends, subscribe here.

Expect to see more financial institutions experimenting with shopping platforms, the way Klarna has, and building off-site partnerships. Use this chart:. Identify the trend toward institutions with first-party data building their own media networks. Consider allocating ad spend to FMNs. More like this:.

Providers like Afterpay and Klarna ramped up their shopping features ahead of the holidays to capitalize on this spend, and so far, these efforts have paid off. BNPL transactions through Afterpay increased 19% YoY this weekend, per a press release. A lot of this activity took place directly in the Afterpay app: usage was up 16% from last year.

Klarna is pushing further into in-store BNPL services, giving advertisers a chance to reach consumers in-store as well as online. This was originally featured in the Retail Daily newsletter. For more retail insights, statistics, and trends, subscribe here.

Klarna. SaleCycle. Sapio Research. Software Advice. Toluna.

While businesses like Best Buy and Klarna see AI-enabled chatbots as an opportunity to save money on labor without sacrificing service, consumers feel differently.

Klarna. Payment Systems Regulator. PwC. Transact Payments Limited. Venmo.

B) Klarna. C) Afterpay. D) Affirm. With $21.99 billion in BNPL payment value, according to our July 2023 forecast, Klarna would be the largest BNPL provider to integrate with Apple Pay. June 18, 2024. Banking big: Which is the largest commercial US bank by consolidated assets? A) JPMorgan Chase. B) Bank of America. C) Goldman Sachs. D) Wells Fargo.

As more apps explore chatbots or pursue super app strategies, like Klarna and X are, they鈥檒l introduce more shopping-related ads. But a couple of pieces need to be in place: the successful introduction of a marketplace, and consumers who use the site for browsing. Premium chatbots, such as Snap鈥檚 My AI, also could help in ad targeting and delivery.

Blackhawk also partnered with Klarna to lean into Gen Z鈥檚 love of BNPL. 4. Digital wallets and rewards points will also be key payment methods for holiday purchases. Almost 30% of consumers plan to use PayPal for holiday shopping, and about 15% plan to use Apple Pay, per i2c and PYMNTS.

Many financial apps, including Klarna, Revolut, PayPal, and a few others (e.g., X, the platform formerly known as Twitter), hope to become super apps. If they succeed in establishing full-service financial portals, consumers will likely spend more time in them, monitoring finances or even shopping marketplaces.

To appeal to younger consumers, BNPL providers like Klarna are adding features like shoppable videos and an AI-powered shopping lens, which allows shoppers to take a picture of items in their surroundings and instantly find out where to buy them in the Klarna app. 4. AI plays a (small) role in holiday shopping. The stat: 44% of consumers will use AI in their holiday planning, per 84.51掳.

Affirm鈥檚 Debit+ card has experimented with rewards points, and Klarna also has a rewards club. But they don鈥檛 stack up to credit card programs, where 3% cash back is fast becoming de rigueur. What鈥檚 the answer? BNPL firms can鈥檛 stand up to credit card reward schemes on their own. Instead, they鈥檙e going to need to tap their extensive merchant networks and partner on BNPL-exclusive rewards and offers.

Klarna. KPMG. Mastercard. Mollie. NTT DATA. Opinium. PwC. PYMTS.com. Storyblok. Tink. Toluna. Yapily. YouGov. ZIPZERO.

Klarna predicts its AI assistant will drive a $40 million profit improvement in 2024. In its first month, Klarna鈥檚 genAI-powered assistant handled two-thirds of its customer service chats, doing the equivalent work of 700 full-time agents. Read the full report, Generative AI Chatbots in Retail.

In 2023, more providers could roll out programs like Klarna鈥檚 rewards club, which lets customers earn points simultaneously with Klarna and with retailers鈥� own programs. Read the full report.

So I think there's issues there and ultimately how technologically savvy this company is, and that's where a Klarna or PayPal is going to do well. Rob Rubin:. How do they fill the gaps? Maria Elm:. Partnerships. Rob Rubin:. So they merge data with other providers? Maria Elm:. Yes.

Amazon, Walmart, Google, and Klarna lean into generative AI. Amazon turns to generative AI to improve the search experience. Methodology: Data is from a November 2023 SurveyMonkey survey. 1,096 US adults ages 18+ were surveyed online during October 30, 2023.

Why Klarna is making an omnichannel push ahead of the holidays. How Walmart, Trader Joe鈥檚, and Target boost holiday impulse purchases.

Instacart, Klarna, Shopify deepen ties with ChatGPT. Yesterday鈥檚 Chart of the Day: Funnel vision. Methodology: Estimates are based on the analysis of data from other research firms and government agencies, historical trends, reported and estimated revenues of major online retailers, consumer online buying trends, and macro-level economic conditions.

More Chart of the Day:. 8/24 - The rise and fall of ecommerce growth. 8/23 - Programmatic OOH watch. 8/22 - Gen Z鈥檚 social motivators. 8/21 - Buying into Klarna. 8/18 - Agencies in review.

Instacart, Klarna, Shopify deepen ties with ChatGPT. 7 tips for using ChatGPT to enhance SEO (without replacing people). Yesterday鈥檚 Chart of the Day: Rebound in aisle 5.