Klarna, a global retail bank and shopping service, formed a strategic partnership with Wix, a global SaaS platform. Together, Wix and Klarna will bring flexible, convenient payment options to Wix eCommerce merchants across the US and beyond.
Wix is a leading website development platform for eCommerce merchants, including restaurants, 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.
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, according to 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.