Klarna launches the ‘Old Credit Is History’ campaign
By Joy Dumasia
Klarna, the leading global banking, payments and shopping service, launches its latest OOH UK campaign, Old Credit Is History. The campaign highlights the antiquated credit model that many consumers are still using and shows how services like Klarna bring credit into the modern age to the benefit of consumers.
Klarna has delved into the history of money to better understand its evolution over time. Working alongside a historian, Klarna identified that money is now in its fourth revolution with digital currencies, neobanks and biometric payment systems opening a new chapter in the history of money, driven by consumer demand and expectations. However, Klarna’s campaign highlights parts of the financial world that are still in the past, where legacy businesses charge consumers excessive fees and interest charges.
Old Credit Is History seeks to light the archaic business models that traditional credit card companies operate on. These models see big banks cashing in on high-interest rates, in 2020 alone, Brits paid £5.7 billion in credit card interest and fees. That same year, Buy Now Pay Later products saved people £76 million in interest payments.
Alex Marsh, Head of Klarna UK, said: “At Klarna, we’ve always been vocal in our belief that traditional credit models are stuck in the past and don’t benefit consumers. It’s time antiquated financial businesses listened to what consumers want and offered better ways to pay that provide flexibility, choice and control, without any hidden fees. It’s been so insightful working on the campaign to understand the journey money has taken over thousands of years and what could be coming up next. We believe that old credit solutions should become a thing of the past, and Old Credit Is History is a fun, tongue-in-cheek way to bring that important message to life.”
Recently, IBS Intelligence reported that Klarna, the global banking, payments and shopping service, is launching an experiential activation in the heart of Manchester to raise awareness amongst consumers and influencers regarding social media advertising guidelines.
IBSi Daily News Analysis
September 28, 2023
What CBDCs mean for private sector banks and financial inclusionRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage