May 06, 2021 at 04:01PM

Macy’s has partnered with buy now, pay later (BNPL) firm Klarna to exclusively offer its “Pay in 4” solution across all Macy’s brands and websites, Klarna announced.

“Klarna’s in-store option gives our (in-store) customers the same shopping experience they already enjoy online,” said Matt Baer, chief digital officer at Macy’s. “We’re excited to expand our partnership with Klarna to bring even more convenience to our shoppers, in-store.”

Macy’s Inc. also owns Bloomingdale’s and Blue Mercury. The announcement said the retailer’s customers will now be able to pay with Klarna on Macys.com, Bloomingdales.com and Bluemercury.com and across about 750 retail locations throughout the United States — and to pay in four interest-free installments with Klarna.

Macy’s shoppers can pay in-store by downloading the Klarna app — or by creating a one-time-use digital card and adding it to their Apple or Google Wallet. The retailer emphasized that “customers can then make a secure and contactless payment with a simple phone tap.”

Department stores have been on the hunt for ideas that could, ultimately, save their business. Macy’s had already been working with Klarna, offering its BNPL option online starting last year and also investing in the company.

“Customers, particularly younger ones, were asking for a buy now, pay later option,” Macy’s CEO Jeff Gennette said in a call with analysts last fall. “If we didn’t have it, they might have gone elsewhere.”

He said that 40 percent of shoppers using Klarna were new to Macy’s, and 45 percent are under 40 years old. By contrast, slightly more than a quarter of existing Macy’s customers are under 40.

The most recent PYMNTS Buy Now, Pay Later Tracker  shows the use of BNPL is rapidly on the rise, as some 48 percent of consumers now report they would not shop with a merchant that did not offer credit or some form of BNPL.

Macy’s Partners With Klarna To Offer ‘Pay In 4’ In All Its Stores …

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