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Even Klarna is launching a mobile phone service now
Even Klarna is launching a mobile phone service now

The Verge

time2 days ago

  • Business
  • The Verge

Even Klarna is launching a mobile phone service now

Klarna, the buy-now-pay-later service, is launching a mobile phone service. The $40 per month phone plan is launching in the US in the 'coming weeks,' offering unlimited 5G data, calls, and texts on AT&T's network — making it yet another MVNO in an increasingly crowded space. MNVOs, or mobile virtual network operators, are companies that sell phone service on another carrier's network. They've become more popular in recent years, and include brands like Mint Mobile, Visible by Verizon, Cricket Wireless, Xfinity Mobile, and now the Trump Organization's new phone service. Klarna says its service is powered by Gigs, a firm that's supposed to make it easier for companies to launch their own MVNOs. Users can sign up directly from the Klarna app with no contracts or hidden fees. Customers can also transfer their phone number to the service or get a new one with 'instant eSIM activation.' Klarna's primary business is its buy-now-pay-later (BNPL) service, which lets customers split purchases into four separate payments. A study from the Consumer Financial Protection Bureau from earlier this year discovered that frequent BNPL users have more debt than people who don't use the services at all, while a recent survey from LendingTree found that 41 percent of BNPL users said they paid late in the past year. Last month, the Trump administration dropped the CFPB's plan to subject BNPL companies to stricter rules. But with the launch of a mobile phone service, it's clear Klarna wants to move beyond just offering BNPL. On Wednesday, Klarna CEO Sebastian Siemiatkowski told CNBC that he wants the app to serve as a 'digital financial assistant' that uses AI to detect when you're overpaying for services and 'offer you both a suggestion of a better price model, but also with a click, implement that and make it a reality.' For now, users in the US can join the waitlist for Klarna's mobile phone service. It's planning to launch the service in the UK, Germany, and other countries 'soon.'

Trump Organization enters mobile phone business
Trump Organization enters mobile phone business

BBC News

time4 days ago

  • Business
  • BBC News

Trump Organization enters mobile phone business

Donald Trump's family business is launching a new Trump-branded phone service, in its latest plan to cash in on the US president's name. The Trump Organization, which is run by his sons, said it planned to sell a gold-coloured, made-in-America smart phone for $499, along with mobile phone service for a monthly fee of $47.45 - a reference to their father serving as the country's 47th and 45th president. The announcement was light on details, including the name of the business partner that will run the service and is licensing the name. Ethics watchdogs said the latest venture represented another means for potential corruption and conflicts of interest. "It's unbelievable that the Trump family has created yet another way for President Trump to personally profit while in office," said Meghan Faulkner, communications director for Citizens for Responsibility and Ethics in Washington (CREW).Trump has said he has put his business interests in a trust, which is managed by his children. The White House has maintained he acts on the interests of all Americans. But Ms Faulkner said the latest venture raised familiar issues, including whether the new business will win customers from people hoping to influence Trump and how the president will craft policies and regulation for an industry in which his family now has a Trump Organization did not respond to questions about its business partner and criticisms about potential ethics announcing its plans, it said "hard-working Americans deserve a wireless service that's affordable, reflects their values, and delivers reliable quality they can count on".It pitched a policy of "discounted" international calls to families with members serving outside the US in the military. The announcement said the mobile service would have customer support staff based in the US to answer questions, as well as the gold-coloured phone, which is currently available for pre-order. Trump's net worth has more than doubled The deal is an extension of a business strategy that Trump embraced long before his presidency, striking deals to sell his name to hoteliers and golf course operators in exchange for fees and the opportunities to profit from his brand have expanded since he entered politics a decade his most recent financial disclosure, Trump reported making more than $600m last year, including millions from of items such as Trump-branded bibles, watches sneakers and fragrances. Forbes in March estimated his net worth was $5.1bn, more than double than a year earlier. It said the surge was due in part to the president's "diehard following", which is credited with helping to prop up the value of Trump's social media company that runs the Truth Social platform, which accounted for roughly half his wealth last year. The mobile phone market in the US is currently dominated by three major players: AT&T, Verizon and T-Mobile, which all offer phone service starting at less than $40 a month. There are also a growing number of smaller firms paying to use those networks to target niche groups of potential customers, by offering lower prices or tailored plans. The largest of those companies, which are known as mobile virtual network providers, have less than 10 million subscribers, according to a 2024 report by the Federal Communications Commission. Mint Mobile, which was backed by Ryan Reynolds, was sold to T-Mobile for $1.35bn in 2023. At the time, one analyst estimated the service had roughly two million to three million subscribers. The actor had a 25% stake in the business, giving him a potential pay out of about $300m.

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