The Danish challenger bank Lunar has finally launched its ‘Buy Now, Pay Later’ feature, taking on the Swedish BNPL market leader Klarna.
With this new Lunar feature, the customer may split all transactions in installments retroactively or postpone an expense up to 30 days in the Lunar app.
However, this option will only be available to customers who deposit more than €270 into their account each month.
Ken Villum Klausen, founder and CEO of Lunar says: “The product is built for the customer, not the merchants. You don’t need different providers and we do not prompt the customers to spend more when they buy.”
“We let everyone manage their finances conveniently regardless of what kind of buy, bill or transaction they want to split or defer,” he added.
If the customer feels like postponing a purchase or bill of €270 for up to 60 days, they will be charged €5 for that, with users being able to split transactions collectively worth up to €1,400 a month.
“We have a very clear picture of our customers’ transaction history and that is why we have built a post-purchase credit option that is not limited to shopping, but can be used in all aspects of your financial life,” says Klausen.