Walmart Canada has partnered with Klarna to provide its customers with a convenient Buy Now, Pay Later (BNPL) option when shopping.
The collaboration with the Swedish PayTech giant aims to offer more flexibility in payment choices, aligning with the growing demand for BNPL among Canadian consumers, and will see consumers receive the option to utilise the solution while shopping on Walmart.ca and via their mobile apps.
The move has come as a result of the growing acceptance of BNPL across Canada that have seen payments in this category growing by 51.6% annually. It is projected that BNPL transactions in Canada will reach an estimated US $2.13 billion by the end of 2023, reflecting a shift towards more flexible and cost-effective payment alternatives, according to a report by Research and Markets.
As a result of this, Walmart Canada has matched the need of the market by introducing Klarna’s service, in a bid to enhance the customer experience. The solution will enable Walmart Canada customers to split their purchases into four interest-free payments spread over six weeks, enhancing the convenience and accessibility of shopping for the items they love.
When quizzed upon the adoption of the software, Steven Clarke, Head of Canada at Klarna said, “As consumer payment and shopping preferences evolve, retailers must adapt and embrace innovative technologies, including flexible alternative payment options. We’re excited to welcome Walmart Canada to Klarna’s fast-growing global network of over 500,000 retail partners, offering Canadian consumers the convenient, interest-free payment alternatives they’re looking for.”
The partnership will also see Walmart customers outside of Quebec gain access to BNPL capabilitie as they will be able to utilise the flexible payment option provided through the Walmart Rewards Mastercard, allowing them to split larger purchases over $199.99 into six convenient monthly instalments.
