Buy now, pay later player Klarna has launched a customer loyalty program in Australia that the global fintech said will be rolling out over coming weeks – ahead of all of its European markets.

This move follows on from its US debut, where, according to a company media release, 350,000 consumers signed on in September. The company also claimed first mover kudos as the first company in the buy now, pay later space to launch a customer loyalty program that is free to join.

A spokesman for Klarna said that the loyalty program was all about "adding an incremental benefit for customers." He confirmed that shoppers would not be charged to join, nor would there be any ongoing costs for shoppers or merchants, with Klarna bearing the entire cost of the loyalty program.

Aiming to claim territory that banks and credit card schemes are abandoning, the BNPL provider has also promised that shoppers can earn reward points for purchases at any online retailer, not just Klarna-affiliated stores.

“Klarna wants Aussies to enjoy rewards for their shopping, no matter the store, without the fees and high interest rates often attached when using credit cards and their accompanying loyalty programs,” said Sebastian Siemietkowski, Klarna CEO and co-founder of a company that is now ranked as Europe's most highly valued fintech.

Fran Ereira, Country Head, of Klarna Australia-NZ said: “Klarna’s rewards club focuses on rewarding consumers who pay on time, so as to encourage responsible spending."

With this in mind, customers who sign on and then make a successful purchase and repayment will qualify for a one-off $10 eBay shopping voucher, and thereafter for "rewards" such as gift cards from major retailers.

What the fine print on the company website also disclosed is that every 12 months, all points earned but not redeemed will be reset to zero.