JPMorgan partnering with Klarna for buy now, pay later, Bloomberg says

JPMorgan’s (JPM) payments processing unit is partnering with Klarna to expand buy now, pay later options for its merchants, Aisha Gani and Daniel Cancel of Bloomberg report, citing a statement from the company. Klarna, which competes with Affirm (AFRM), will now be available through the world’s largest merchant acquirer, which processes $2 trillion payments a year, according to Bloomberg. Max Neukirchen, co-head of global payments for JPMorgan, said in an interview with Bloomberg that there is “increasing demand for buy now pay later solutions, especially for Klarna.” Neukirchen added, “Klarna is now the first one but typically clients would want options there too and we want to provide those options.”