Klarna Norway Newsletter Update

Oceanpayment have received official notification from Klarna that as of August 28, 2024 Klarna will implement the following changes in accordance with the requirements of the Norwegian Consumer Authority Forbrukertilsynet:

1.Consumers must sign a regulated credit agreement for "Pay later in 30 days" similar to the existing Financing and Pay in 3 options.

2.Klarna will create a single framework agreement, signed once, covering all credit options.

3.Consumers will set their personalized credit limits.

These changes only impact Norway-based consumers. Customers will need to sign this agreement and set a credit limit to continue using Klarna's credit options. Pay Later options will remain interest-free, while Financing options will have a default 21.9% APR.

Impact on merchants:

1.No action is required on merchant’s side.

2.Ensure Klarna is promoted using our on-site messaging feature to keep information updated.

3.Merchants are advised to refer to the following link to update their customer-facing FAQ with the latest Klarna details. /files/help-center/wordpress-attachments-en/attachment-20.docx

4.There may be an initial impact on conversion, but it should stabilize quickly.

Consumer Action:

1.Klarna will inform Norwegian consumers about the change and provide instructions for signing the agreement outside of the purchase flow.

2.Any existing orders or orders made before this is rolled out will not be impacted by this updated agreement, and will continue with their existing repayment schedules.

3.Consumers can adjust their credit limits anytime via the Klarna app or via customer support.