Dec 18, 20202 min read

Black Friday – record PIS volumes

Elias Pitsavos

by Elias Pitsavos

Black Friday is the biggest day of the year for the retail sector and digital payment providers. As shoppers flocked to their favourite online stores to stock-up for Christmas and grabbed the hottest deals, Klarna enjoyed front-row seats to the busiest Black Friday in history.

Record PIS PSD2 Volumes

Within the millions of payments using Klarna’s industry-leading finance solutions, we have had a great share of PSD2 bank transfers for our bank based payment products on Friday, 27th of November 2020.

Out of approximately 1,000,000 bank based transfers, we have seen 48% of them being processed using our smoooth PSD2 APIs — demonstrating the scalability and reliability of our Open Banking solutions.

Conversion Rates Were Through the Roof

Alongside the PSD2 API-enabled payments, we also processed over 500,000 direct bank transfer payments using our fallback mechanism via direct access to PSU channels to connect to bank institutions. After reviewing the data, we’re happy to report an impressive 6% surge in conversion rates when customers completed a payment using our PSD2 API over PSU channels.

Increased conversion rates (i.e. fewer customers dropping off along the buyers’ journey) is a credit to our safe, secure, and seamless Open Banking integrations that leave customers feeling satisfied and reassured.

After a long and eventful year, we are delighted to see that our hard work has paid off as we continue to deliver seamless PSD2 connections for end-users and partner with a growing ecosystem of European banks and regulators to shape the future of digital payments.

Experience the Klarna Way

Would you like to harness the power of Klarna’s PSD2-enabled Payment Initiation Services? Get in touch with our team, and we’ll help you to find the right solution for your business. 

Read more about it at Klarna Open Banking