Klarna has teamed up with Wix to allow merchants using its e-commerce platform the ability to offer alternative payment options in 17 countries. This includes offering Klarna’s “Pay in 4 and Pay in 3” solutions, which “enable shoppers to split their purchases into interest-free payments over time, while retailers get paid upfront and in full,” Klarna said in a statement.
Omer Shatzky, head of billing and payments at Wix, said the company’s research “indicates that Wix Stores connected to BNPL providers have seen a 25 percent increase in high-ticket transactions, making these items more affordable for customers and boosting merchants’ overall growth.”
Luke Griffiths, chief commercial officer at Klarna, said a result of this partnership, “merchants using Wix will now be able to unlock Klarna’s global network of 90 million shoppers. As importantly, they’ll now have the ability to offer their customers more flexible payment options and tap into the growth of buy now, pay later solutions.”
“Together with Klarna, we look forward to providing more merchants with methods to increase their overall cart value and supply current and new customers with more financial freedom,” Shatzky added.
Citing data from CB Insights, Klarna said as shoppers “shift away from traditional credit towards flexible spending options that better suit their lifestyles, the global BNPL industry is projected to grow 10 to 15-times to reach over $1 trillion in annual gross merchandise volume by 2025.”
Klarna said the addition of its payment options “enables Wix eCommerce merchants to boost their customers’ purchasing power and increase customer acquisition by offering payment methods shoppers want.”
Griffiths noted that Wix plays “a major role in driving the growth and scale of retailers, both large and small. I can’t think of a better partner to work with and we’re excited to help support their merchants.”