Website development platform Wix has announced a new partnership with Klarna that will see the payment service provider become available as a payment option to consumers visiting merchants’ Wix sites.
The service will be available to 17 countries, including in the UK, US, New Zealand and areas of Europe. Wix merchants will be able to offer their customers the option at checkouts, including Klarna’s ‘Pay in 4’ and ‘Pay in 3’ solutions that enable the splitting of purchases into interest-free payments.
“We are thrilled to join efforts with Klarna to provide Wix e-commerce merchants with more payment solutions that benefit them and their customers,” said Omer Shatzky, head of billing and payments at Wix, in a release.
He continued: “Our research indicates that Wix Stores connected to buy-now-pay-later (BNPL) providers have seen a 25 percent increase in high-ticket transactions, making these items more affordable for customers and boosting merchants’ overall growth.
“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.”
The introduction of the BNPL option is based on reports by CBInsights, stating this specific division of the payment industry is projected to grow 10 to 15 times, expecting to reach over one trillion dollars in annual gross merchandise volumes by 2025.
By introducing Klarna, Wix hopes to boost consumer purchasing power for its merchants, as well as possibly tap into the distinguished network of Klarna shoppers already using the flexible payment option.