Walmart Canada has partnered with Klarna to provide a Buy Now, Pay Later option (BNPL) so customers can split purchases into four payments spread over six weeks.
The interest-free, flexible payment option has been made available online and via both companies’ mobile apps, the firms said. It will include orders between $50 and $4000, and comes as demand for BNPL continues to grow rapidly among Canadian consumers.
A recent Research and Markets report showed that BNPL payments in Canada are growing by 51.6% annually and are expected to achieve US $2.13B by the end of 2023.
“Introducing Buy Now, Pay Later for shopping through Walmart.ca and our Walmart Canada app is the latest way we’re providing more payment choice and flexibility for customers Our focus has always been to help Canadians save money and live better and as we head into the holiday season, we’re prioritising the customer experience by providing even more options when Canadians choose to shop with us,” said Laurent Duray, Chief E-commerce Officer, Walmart Canada.
Steven Clarke, Head of Canada at Klarna added: “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.”