Klarna has announced its partnership with iPeakoin. With the development of cross-border e-Commerce, the partnership between iPeakoin and Klarna will bring new opportunities for DTC brands growing global businesses. Through joint efforts by iPeakoin and Klarna, they will benefit the merchants by offering more appealing user-friendly options for consumers, and improve per customer transaction and repurchase rate, achieving global business success at a more stable and faster pace.
According to Baymard Institute, an independent web usability research institute, the average online shopping cart abandonment rate is 69.57%. Mobile users have an even higher abandonment rate of 85.65%, and alternative payment options such as Buy Now, Pay Later (BNPL) or interest-free installments can lower the payment threshold for consumers, thereby reducing the abandonment rate at checkout.
Data shows that among young people aged 18-24, 25% of them choose BNPL, and only 3% go with credit cards, showing a shift away from high-cost credit card usage towards more flexible and interest-free options. It is foreseeable that the flexible payments represented by BNPL are leading the trend in the consumer world.
Established in Sweden in 2005, Klarna is the global leader in the generational shift away from credit cards, helping consumers save time and money, be informed and in control of their finances. As a critical component, payment options link different parts of eCommerce, including purchasing, decision-making, order tracking, and more. A smooth and user-friendly payment experience improves the conversion rate and allows the entire brand and e-commerce ecosystem to get into a positive cycle.
iPeakoin, a fintech company that builds an institution-grade global cash management platform, is committed to bridging the gap between traditional finance and crypto, and to providing a one-stop shop for diversified and globalized cash management with technology. So far, iPeakoin has launched key products, including Crypto Wallet, Global Account, Quantum Virtual Card, and Particle Treasury.