Klarna, the AI-powered global payments network and shopping assistant, has released data on its launch of cashback. In the six weeks since launch:

• 506,378 Klarna shoppers have earned $2.7m dollars in cashback. 
• Klarna merchants have given cashback on $98.4m worth of sales. 
• Over 1,000 cashback promotions have been launched.

Klarna launched cashback in 12 countries simultaneously on 15 August, to reward consumers who shop in the Klarna app. Shoppers earn a percentage of purchases at participating retailers, and the money is stored in their Klarna ‘balance’ account. 

Erin Jaeger, head of North America for Klarna says, “The take-up has been phenomenal! Cashback is driving a huge uptick in conversion for our merchant partners, and consumers are earning money while they shop… and after they stop!” 

At launch, rates varied between 1% and 10%. However, as merchants observed impressive initial results, many have increased their cashback rates, with some even doubling them. Additionally, Klarna now supports "boosted rates," allowing merchants to temporarily raise their rates to support specific domestic campaigns and important retail moments.