Klarna and Worldpay expand partnership to unlock global merchant network
Thursday, November 7, 2024
Worldpay, one of the world's biggest Payment Service Providers (PSPs), strengthens Klarna partnership as digital wallets are expected to grow 15% a year to 2027.
Klarna to be offered as a default payment method by Worldpay to their merchants globally, as it expands processing relationship with Worldpay.
LONDON, Oct. 30, 2024 /PRNewswire/ -- Klarna, the AI-powered global payments network and shopping assistant has expanded their partnership with Worldpay, a global industry leading payment services provider, to enable thousands of new merchants to offer Klarna to their customers.
Under the expanded partnership Klarna will become a network of choice, offered as a default payment method to Worldpay's merchants globally, alongside traditional card payments. Worldpay is one of the world's largest payment service providers, processing $2.3 trillion worth of commerce in 2023, for over a million merchants globally.
As consumers continue to choose new payment methods that suit their spending behaviors, Klarna is on a mission to be available at every checkout. The collaboration with Worldpay is a step in making that goal a reality, transforming Klarna from an 'alternative' payment option, added on the request of a retailer, to a convenient default method which retailers expect.
Klarna offers consumers a choice of ways to pay including immediate payments, short-term, interest-free BNPL and longer-term financing. Globally, about 30% of the payments Klarna processes are immediate payment.
David Sykes, Chief Commercial Officer, Klarna says: "We want Klarna at every checkout, available everywhere, for everything, all the time. This expanded partnership is a massive leap towards that goal, making Klarna the default payment method for hundreds of thousands of retailers."
In their annual Global Payments Report, Worldpay predicts that digital wallets like Klarna will grow at 15% a year between 2023 - 2027. While Klarna is well-known for its interest-free BNPL offer, a third of the transactions it processes are immediate payments by card or direct account-to-account.
Pete Wickes, General Manager EMEA, Worldpay says: "Worldpay's first of its kind collaboration with Klarna underscores our commitment to providing merchants with impactful innovation at scale to create the best payments experiences. Klarna is at the cutting edge when it comes to delivering new ways to pay. Our expanded relationship will support Klarna's transformation into a network of choice for global merchants looking to improve the consumer experience and reach their potential in a competitive digital landscape."
Contact: Press@klarna.com
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SOURCE Klarna Bank AB (publ)
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