Klarna, the leading global retail bank, payments, and shopping service, today announced a strategic partnership with Wix, a leading global SaaS platform to create, manage and grow an online presence. Together, Wix and Klarna will bring flexible, convenient payment options to Wix eCommerce merchants across the US, UK, AUS, NZ, DE, AT, CH, SE, NO, FI, DK, BE, NL, FRA, ES, PL, and IT markets.
From designers and developers to musicians and restaurant owners, Wix is a leading website development platform for eCommerce merchants worldwide. Through this partnership with Klarna, Wix merchants will be able to offer their customers more flexibility at checkout, including Klarna's popular Pay in 4 and Pay in 3 solutions that enable shoppers to split their purchases into interest-free payments over time, while retailers get paid upfront and in full.
"We are thrilled to join efforts with Klarna to provide Wix eCommerce merchants with more payment solutions that benefit them and their customers," said Omer Shatzky, Head of Billing and Payments at Wix.
"Our research indicates that Wix Stores connected to BNPL providers have seen a 25% 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."
As consumers shift away from traditional credit towards flexible spending options that better suit their lifestyles, the global BNPL industry is projected to grow 10-15x to reach over $1 trillion in annual gross merchandise volume by 2025 (CBInsights). The addition of Klarna's payment options enables Wix eCommerce merchants to boost their customers' purchasing power and increase customer acquisition by offering payment methods shoppers want.
"As 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," said Luke Griffiths, Chief Commercial Officer, Klarna.
"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."