Buy Now, Pay Later (BNPL) firm Klarna has launched in Ireland.

Klarna said Irish consumers will now be able to split their purchases into three equal interest-free payments when they shop online - which it dubs ‘Pay in 3’ - through both the Klarna app and directly via integrated partner retailers.

The launch of Klarna’s service comes as Irish consumers shift away from credit cards towards debit cards for their day-to-day spending; spending on debit cards grew three times faster than on credit cards between 2015 and 2020 in Ireland according to BNPL firm’s statistics.

Irish consumers will now be able to use Klarna to pay at any online store according to the firm, regardless of whether they are a Klarna partner retailer or not, using its ‘Shop Anywhere’ function.

Partners for the initial rollout include Gym + Coffee, Perspective, Yummie, Cult Beauty, Greene’s Shoes, Luna by Lisa, and Yours Clothing.

Klarna’s move comes during a period where multiple large companies are eyeing expansions into the BNPL space.

In September, European challenger bank Revolut announced plans to offer BNPL services to its 16 million customers.

UK-based Klarna rival, BNPL firm DivideBuy, secured a £300 million investment to accelerate its growth last month.

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