IKEA has joined forces with German payments firm Wirecard to enable its customers in Malaysia to make installment payments for in-store purchases.
The retailer has incorporated the installment payment solution into its checkout terminals.
The solution can be availed by customers who spend at least MYR500 ($120.11) at IKEA Malaysia outlets.
With the solution, those having a credit card from participating banks can make payments for big-ticket items.
Customers can choose their payment method directly at the checkout. IKEA will be able to process multiple payment options via one in-store terminal leveraging the unified solution of Wirecard.
Wirecard regional managing director Jeffry Ho said: “With the new solution, consumers 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 and merchants across the region.”
Wirecard has already launched in-store and online installment plans in its home market Germany. The company plans to make the in-store installment payment solution available across IKEA stores in Singapore and Thailand eventually.
IKEA Southeast Asia deputy retail manager Gerard Jansen said: “The new feature gives our customers an added bit of flexibility and convenience – and contributes to a seamless shopping experience.”
Wirecard has powered digital payments for various retailers this year.
In October 2019, the company partnered with SES-imagotag to accelerate the adoption of frictionless in-store mobile payment.