Klarna joins together with Wixto enable retailers using its e-commerce platform to accept alternative payment methods in 17 countries. This includes providing Klarna’s “Pay in 4 and Pay in 3” options, which “let buyers to split their purchases into interest-free instalments over time, while businesses are paid immediately and in full,” according to a statement from Klarna.
Wix’s billing and payments director, Omer Shatzky, stated that the company’s data “indicates that Wix Stores connected to BNPL suppliers have witnessed a 25% rise in high-ticket transactions, making these goods more affordable for customers and helping merchants’ overall growth.”
According to Luke Griffiths, Klarna’s chief commercial officer, “merchants utilising Wix will now be able to tap Klarna’s worldwide network of 90 million shoppers.” Most significantly, companies will now be able to give their consumers more flexible payment alternatives and capitalise on the growing popularity of purchase now, pay later solutions.”
“We look forward to working with Klarna to provide more retailers with ways to boost their total cart value and provide current and new consumers with greater financial flexibility,” Shatzky added.
According to Klarna, as shoppers “shift away from traditional credit toward flexible spending options that better suit their lifestyles,” the global BNPL industry is expected to grow 10 to 15 times to reach more than $1 trillion in annual gross merchandise volume by 2025, citing data from CB Insights.
The inclusion of Klarna’s payment alternatives “enables Wix eCommerce retailers to raise their customers’ spending power and increase client acquisition by delivering payment methods they desire,” according to Klarna.
Wix, according to Griffiths, “plays a significant role in supporting the development and size of shops, both large and small.” I can’t think of a finer partner with which to collaborate, and we’re pleased to assist their merchants.”