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Danish challenger bank Lunar takes on Klarna with pay later product
By Aisling Finn on Tuesday 15 December 2020
Image source: Ken Villum Klausen/Lunar
Cloud-based Nordic challenger bank Lunar has introduced a ‘pay later’ function for its customers, taking on buy-now-pay-later-giant Klarna.
As of today, customers will be able to split all transactions into four instalments retroactively or postpone a payment for up to 30 days in the Lunar app, which is not dissimilar from Curve s Go Back in Time function.
The new feature will only be available to customers who deposit more than €270 into their account each month and includes all payments, both online and in-store and marks the first digital bank to release its own pay later product, with other digital banks favouring more traditional credit options.