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.

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“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.”

Recent partnerships

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.

Earlier this year, the payments firm partnered with WHSmith, Apollo , Elush Retail Group, and  Segmüller , among others.