The use of mobile payments by consumers has been rising steadily this decade, with the market size expected to reach $721.4 billion in mobile payment volume by 2017. With this rapid adoption it is necessary to make the experience easier, simpler and safer for consumers to shop online.
In this recent video, Mikael Hussain, Vice President of Credit at digital payment service provider, Klarna, discusses how the company is capitalizing on this market growth, by simplifying the buying process for both consumers and merchants, and the importance of risk decisioning.
Klarna allows consumers to complete a transaction while out and about, yet pay when they get home. Although there is risk associated with these transactions, through its partnership with Provenir, Klarna is able to make a risk decision on every transaction, enabling its analysts and data scientists to deal with any level of complexity.
Watch the video to learn how some 55,000 merchants in Europe are seeing 20-30% increases in conversion rates by working with Klarna. Several millions of consumers use its services every day.