Klarna launches ‘Old Credit is History’ campaign
Buy now, pay later (BNPL) giant Klarna has launched a lighthearted out of home (OOH) campaign to raise awareness of the outdated credit model many consumers are using to purchase goods. The ‘Old Credit is History’ campaign also includes a London, Soho, pop-up that explores the history of money.
The campaign highlights the “archaic business models that traditional credit card companies operate on, which see big banks cashing in on high interest rates”. In 2020, it claims Britons paid £5.7 billion in credit card interest and fees. That same year, BNPL products saved people £76 million in interest payments, it noted.
The Klarna campaign pop-up on Greek Street in London’s Soho offers a three-day (23-25 September) immersive experience “visualising the evolution of money and mankind’s financial journey through the ages.”
Guest speakers include financial expert Kia Commodore and author and psychotherapist Owen O’Kane. The event also allows visitors to "journey back in time" with food from a paleo diet, and transform their looks with a free beard trim or blow dry.
Klarna and other BNPL providers have become hugely popular for fashion purchases in recent years and many of the biggest names now offer a BNPL option through at least one of the major-name providers.
Alex Marsh, head of Klarna UK, said: “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.”
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