Claro Money launches its “Bye Now Pay Later” campaign in the UK
By Joy Dumasia
Claro Money, the financial coaching app, encourages the British public to reduce their reliance on Buy Now Pay Later (BNPL) schemes by launching a series of eye-catching billboards at key landmarks in the capital.
Claro Money is on a mission to help everyone develop an intelligent money mindset and a healthy relationship with money to achieve their goals. It has launched “Bye Now Pay Later”, a series of digital billboards which feature shocking statistics on the financial habits of society, at major sites in London, including Oxford Street, London Bridge, Canary Wharf and Westminster.
The digital financial coaching app’s campaign encourages the public to claim one of 1,000 free one-to-one personal finance coaching calls. They can help create a financial plan and build sustainable financial habits to drive lasting change in how society manages money.
The recent Woolard Review and subsequent Financial Conduct Authority (FCA) plans for regulating BNPL schemes means changes will be made to the sector; however, their rapid rise over the pandemic means that reforms will be too late for many.
Claro Money is also inviting BNPL providers and retailers to a meeting to explore ways to promote considered spending among the public and educate people on unsecured credit products. The financial coaching app believes there is a place for BNPL products in the market; however, it should be used occasionally rather than relied on.
Rob Brockington, CEO at Claro Money, said: “Unconsidered spending and an overreliance on unsecured financial products, such as Buy Now Pay Later schemes, can ruin people’s personal finances for years. We want to reduce this reliance and remind consumers that they have a choice in how they save, spend and invest their money. Our’ Bye Now Pay Later’ campaign is aiming to raise awareness of the benefits of better money management for everyone, regardless of their income, bank balance and social standing.”