Klarna launches ‘Old Credit is History’ campaign to highlight “antiquated credit model”
Leading global banking, payments and shopping service Klarna has today launched a tongue-in-cheek out of home (OOH) campaign called ‘Old Credit is History’ - raising awareness of the outdated credit model that many consumers are still using.
The campaign seeks to bring to light the archaic business models that traditional credit card companies operate on, which 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.
To celebrate the ‘Old Credit is History’ campaign, Klarna will open the doors to its own ‘Klarna Cave’ at 19 Greek Street in London’s Soho, creating a three-day immersive experience from 23-25 September 2021, visualising the evolution of money and mankind’s financial journey through the ages in a three-story “museum”.
Guest speakers will include financial expert, Kia Commodore, and Sunday Times best-selling author and psychotherapist, Owen O’Kane. At the event, visitors can also journey back in time with food from a paleo diet, and transform their looks with a free beard trim or blow dry.
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.”
Klarna has delved into the history of money to better understand its evolution over time and, working alongside a specialist financial 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 stuck in the past, where legacy businesses charge consumers extortionate fees and interest charges. The new campaign also shows how services like Klarna bring credit into the modern age, to the benefit of consumers.