diff --git a/changelog/chore-update-payment-settings-copy-for-klarna b/changelog/chore-update-payment-settings-copy-for-klarna
new file mode 100644
index 00000000000..f5fe987d364
--- /dev/null
+++ b/changelog/chore-update-payment-settings-copy-for-klarna
@@ -0,0 +1,4 @@
+Significance: patch
+Type: fix
+
+Updates payments settings copy to support pay now with klarna.
diff --git a/client/payment-methods-map.tsx b/client/payment-methods-map.tsx
index 2155edeff80..d6e1aec6729 100644
--- a/client/payment-methods-map.tsx
+++ b/client/payment-methods-map.tsx
@@ -237,7 +237,7 @@ const PaymentMethodInformationObject: Record<
 		label: __( 'Klarna', 'woocommerce-payments' ),
 		description: __(
 			// translators: %s is the store currency.
-			'Allow customers to pay over time with Klarna. Available to all customers paying in %s.',
+			'Allow customers to pay over time or pay now with Klarna. Available to all customers paying in %s.',
 			'woocommerce-payments'
 		),
 		icon: KlarnaIcon,