Klarna, a global banking, payments and shopping service, has launched 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 stuck in the past, where legacy businesses charge consumers extortionate fees and interest charges.
Old Credit Is History seeks to bring 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.
To celebrate the campaign, Klarna will open the doors to its own Old Credit Is History, Klarna Cave, creating a three-day immersive experience visualising the evolution of money. Situated in Soho’s Greek Street and running from 23rd to 25th September, Klarna is inviting everyone into a three-storey museum, where they can follow mankind’s financial journey through the ages. Guest speakers including 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 free of charge beard trims and blow drys.
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.”