Fintech company Klarna, known for its buy now, pay later solutions, has announced the launch of a new instant peer-to-peer transfer service across 13 European countries, including Spain. Now users can send money to each other in just seconds, using only a mobile phone number, email, or a unique QR code. This innovation significantly streamlines everyday financial transactions and makes them more accessible to a wider audience.
Unlike traditional bank transfers that often require entering lengthy details and waiting for confirmation, Klarna’s new feature eliminates unnecessary formalities. Knowing just the recipient’s phone number is enough—the money arrives virtually instantly. This approach is reminiscent of Spain’s popular Bizum service, but Klarna aims to expand capabilities: users can send money not only via phone number but also email or QR code, making it especially convenient for in-person payments or transactions on the go.
Financial transformation
In recent years, Klarna has been actively transforming its business model. Once associated solely with installment purchases, the company now seeks to position itself among universal financial services. In 2025, Klarna received an electronic money institution license from the UK regulator FCA, opening the door to launching new products across Europe.
In November of the same year, Spain saw the launch of Klarna’s debit card, which quickly gained popularity among young people and those who value simple, fast payments. The company has made no secret of its ambitions: similar cards will soon be available in nearly every country where the service operates. This is a clear signal to traditional banks—competition in the payments market is intensifying.
Convenience and speed
The advent of instant transfers between individuals is more than just another app feature. It’s a move toward making personal finance management as simple and transparent as possible. No more memorizing complicated bank details or waiting for funds to ‘arrive’ at their destination. Everything happens in real time, and the app’s interface is intuitive even for those unfamiliar with technology.
Spain was among the first countries where Klarna introduced this feature. It’s no surprise: Spaniards have long been accustomed to mobile payments and actively use digital services to settle up with friends, colleagues, and even strangers. Klarna’s new offering could shift the balance of power in a market still dominated by local players.
New horizons
Experts note that the launch of instant transfers is not only a convenience for users, but also a strategic move for Klarna itself. The company aims to become more than just an intermediary between stores and shoppers, striving to create a full-fledged financial platform that brings together multiple services in a single app. This approach could attract a new audience and strengthen the brand’s position in the European market.
While competitors are only considering similar solutions, Klarna is already offering its clients something that recently seemed like science fiction. Instant transfers, ease of use, and no extra fees make the service appealing to a wide range of users. In the coming months, other fintech companies are expected to respond with their own innovations, but for now Klarna is clearly ahead of the market.
