Klarna looks at the history and future of payments its latest interactive campaign.
Klarna, the largest fintech in Europe, launched its OOH campaign ‘Old Credit Is History.’ The campaign looks over the history of payments and highlights how outdated the credit model has become and its need to join history. In addition, Klarna uses this timeline to illustrate how it can bring credit into the modern age by not charging customers interest.
The pop up event
It has launched a pop-up ‘Old Credit Is History’ in London on Soho’s Greek Street to engage customers. The event will run from today until Saturday and provide several visuals to educate guests on the evolution of payments. To complement the event’s tongue-in-cheek neanderthal theme, guests will receive a complementary paleo lunch. In addition, visits are welcome to receive free blow drys and beard trims.
Over the three days, Klarna will host two guest speakers: financial expert Kia Commodore and Sunday Times best-selling author and Psychotherapist Owen O’Kane. Commodore and O’Kane will discuss the psychology of money and how it impacts our emotional and mental wellbeing.
Its time to leave behind antiquated payments
Following research from Klarna, it has tracked the evolution of finance, dating back as far as 2500BC. It concluded that money is now in its fourth revolution as digital currencies, neobanks, and biometric payment systems become the norm. Despite this evolution, Klarna emphasizes that finance areas are still outdated: interest charges and consumer fees. According to the Swedish fintech, Britons paid £5.7bn in credit card interest and fees in 2020, whereas Buy Now Pay Later produced saved them £76million in interest payments.
This installation / interactive event seeks to bring attention to this while also welcoming customers back to enjoying the in-person experience of retail and events that have been so missed over the last nineteen months. 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.”
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With over 90 million global active users and 2 million transactions a day, Klarna is meeting the changing demands of consumers who want to shop, pay and bank on one intuitive platform and with one trusted brand. Over 250,000 global retail partners, including H&M, Saks, Sephora, Macys, IKEA, Expedia Group, Samsung, ASOS, Peloton, Ralph Lauren, Abercrombie & Fitch, Nike and Shein have enabled Klarna’s innovative shopping experience online and in-store. Klarna is one of the most highly valued private fintechs globally with a valuation of $45.6 billion. Klarna was founded in 2005, has over 4,000 employees and is active in 17 markets. Klarna has been backed by Sequoia Capital since 2010 and more recently, SilverLake, Dragoneer, Bestseller Group, Permira, Ant Group, HMI Capital, TCV, NorthZone, Commonwealth Bank of Australia, Chrysalis Investment Company Limited, funds and accounts managed by BlackRock amongst others.