Klarna launches cross-border FX feature with no exchange fees

Klarna Group Plc (NYSE: KLAR) has launched a feature called Consumer FX, allowing shoppers to purchase from any participating Klarna merchant globally and pay in their local currency without exchange fees. The exchange rate and price are displayed upfront and remain visible in the Klarna app after purchase.

According to a company statement, merchants already connected to Klarna can access the feature without new integrations, a local entity, or a foreign bank account. Klarna also handles foreign exchange disclosure, consent, and compliance on behalf of merchants. Early results cited by the company show a 5% lift in conversion and a 6% increase in sales for participating merchants.

Consumer FX is live across all of Klarna's markets and supports multiple currencies, including USD, EUR, GBP, SEK, NOK, DKK, CAD, AUD, NZD, and MXN. Klarna currently connects 120 million active consumers across 26 countries with more than 1.2 million merchants, a merchant base the company says grew 54% year over year.

"Increasingly, shoppers aren't thinking in borders," said David Sykes, Chief Commercial Officer at Klarna. "Consumer FX enables consumers to use our payment options on any Klarna merchant, regardless of country or currency, driving additional value across our global network."

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