News and resources on payments systems, innovations and initiatives worldwide.

Ikea Malaysia installs buy-now, pay-later checkouts with Wirecard

Source: Wirecard

Wirecard, the global innovation leader for digital financial technology, has launched its unique in-store installment payment plan in Malaysia where IKEA has already integrated the solution into its checkout terminals.

IKEA can now provide in-store customers the option to pay by installment without any of the usual hassle that comes with such financing. Customers select how they want to pay directly at the checkouts, and merchants like IKEA can use Wirecard’s unified solution to process all payment options through a single in-store terminal. This saves time and simplifies the process for both customer and merchants.

IKEA Southeast Asia’s Deputy Retail Manager, Gerard Jansen, said, “We are pleased to take this next step in our collaboration with Wirecard as they launch their in-store installment plan solution in Malaysia. The new feature gives our customers an added bit of flexibility and convenience - and contributes to a seamless shopping experience.”

A 2018 global survey by BigCommerce found that the ability to finance a purchase would influence the ultimate decision of 45% of shoppers. Wirecard currently offers in-store and online installment plans for certain geographies, including Germany and Singapore, with plans to continuously expand the offering. Following the launch in Malaysia, Wirecard will be rolling out the solution to IKEA stores in - Thailand and Singapore. More consumers will be able to take advantage of the installment payment solution, making it easier for them to pay for larger purchases. In addition, the merchant benefits from improved customer satisfaction and retention.

“IKEA is known for its quality and affordable furniture, and we are excited to offer our installment payment solution to the IKEA franchise in Southeast Asia,” said Jeffry Ho, Regional Managing Director, at Wirecard. “The partnership is a win-win for all stakeholders in the payment ecosystem. With the new solution, customers can opt to spread their payments over a certain period at no additional cost, while boosting customer satisfaction for IKEA Malaysia at checkout. We look forward to bringing the new solution to other IKEA stores across the region.”

The new feature allows customers in Malaysia to pay for big-ticket items at the IKEA stores and is available to all users who hold a credit card from any of the participating banks. There are different tenure options available, and a minimum transaction of MYR500 is required for customers purchasing at any IKEA stores in Malaysia to be eligible for the installment payment plan.

Comments: (0)