Retail bank, payments and shopping service Klarna is expanding its partnership with eCommerce company Wish through Wish’s parent company, ContextLogic, to allow for more flexible payments in the U.S., according to a press release.
Wish is one of the biggest eCommerce companies, offering a curated shopping experience and personalized shopping feeds, the release stated. Wish has 90 million active users in 100 countries and partnerships with 550,000 merchants worldwide. The partnership between Klarna and Wish began in 2014 in Europe.
One of Wish’s priorities has been to offer more buy now, pay later, (BNPL) opportunities, which is why it is expanding its tie-up with Klarna to the U.S., according to the release. Through Klarna, Wish users can split costs over installments. Users pay the first 25% of the four payments at checkout. The other three are collected automatically every two weeks after.
The partnership expansion will deepen next year as the service rolls out to Wish users in Canada, Australia, Italy, Spain and France, among others.
“We’re thrilled to expand our longstanding partnership with Klarna to give our U.S. customers a greater level of freedom to shop and pay for their items when and how they want,” said Wish Chief Product Officer Tarun Jain in the release. “This partnership furthers our mission to bring an affordable, accessible and entertaining shopping experience to millions of our customers around the world.”
Meanwhile, Klarna Head of North America David Sykes said in the release that the modus operandi is to offer “even more customers a frictionless way to shop online.”
Earlier this week, Klarna debuted a one-stop shopping app, which allows customers to shop at all online stores, browse exclusive offers, get more specific curated shopping collections, get notified of price decreases, track deliveries, manage payments and returns and more.
Customers will be able to choose Klarna’s interest-free installment pay option at any online shops — even if the shop isn’t a partner of Klarna’s directly.