Walmart Canada has introduced an interest-free “Buy Now, Pay Later” (BNPL) option when shopping online at Walmart.ca and via Walmart Canada and Klarna mobile apps.
“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,” says Laurent Duray, chief e-commerce officer, Walmart Canada. “Our focus has always been to help Canadians save money and live better and as we head into the holiday season, we’re prioritizing the customer experience by providing even more options when Canadians choose to shop with us.”
Walmart says it introduce the option because BNPL is growing among Canadian consumers. According to Walmart partner Klarna, BNPL payments are gorwing by 51.6 per cent and are expected to reach US $2.13 billion by the end of 2023.
Purchases can be split into four manageable, interest-free payments made over six weeks, with no fees when you pay on time. Klarna also sends additional emails and in-app reminders to help customers stay on top of their payment schedules, offers budgeting tools in the Klarna app and restricts the use of its services if payments are missed to prevent debt accumulation.
Shoppers can sign up for a Klarna account with basic information required and select Klarna as their method of payment at Walmart checkout. A new lending decision is made in real time for each purchase, with no impact to credit scores.
Walmart and Klarna say customers can better manage their cash flows by timing their payments with their pay cheque schedules. Payment schedules are clearly laid out so that customers know when they will be charged and how much.
Customers can purchase items across all categories and orders between $50 and $4,000 are eligible, with some restrictions.
