Siemiatkowski also addressed the current economic climate, noting that while buy now, pay later is growing as a payment method, the overall retail environment is challenging. He also discussed Klarna's use of artificial intelligence, particularly OpenAI and DeepL, which the company uses for flawless translations in over 20 languages. This has led to a hiring freeze as the company explores the full potential of these technologies.
Key takeaways:
- Sebastian Siemiatkowski, the CEO of Klarna, discusses the increasing popularity of the buy now, pay later service, especially among U.S. consumers who have been negatively impacted by credit card practices.
- Merchants are benefiting from offering buy now, pay later options, gaining access to new customers and seeing higher order values and increased spending.
- Despite the growth of buy now, pay later, Siemiatkowski notes a challenging macroeconomic environment, with credit card debt in the U.S. reaching $1 trillion and retailers facing difficulties.
- Klarna has implemented a hiring freeze due to the use of artificial intelligence, particularly OpenAI and DeepL, which have been used across the organization for tasks such as flawless translations in multiple languages.