Klarna OOH campaign tackles BNPL regulation critics
Klarna has launched an OOH campaign in the UK that addresses calls for regulation of the buy now, pay later space.
“All FinTechs hate regulation. Not exactly,” one of the ads states.
It continues: “We are a FinTech and a global bank operating in 17 countries - regulation is part of how we roll everyday. Let’s make regulation fit for today.”
“Consumers want to bank, pay and shop in innovative, new ways. And we want what’s best for them.”
Another ad tackles the notion that Millennials are useless with money. “They’re shunning credit cards, buying their first homes and even celebrating their 40th birthday this year,” it says.
“The new OOH campaign has an important message,” AJ Coyne, Head of UK Marketing at Klarna, says in a LinkedIn post.
“It’s 2021 and consumer behaviour has shifted, they require responsible solutions when shopping that protect them and someone to support not label them.
Stella Creasy
Earlier this week, Labour MP Stella Creasy called on fashion retailers such as boohoo and Missguided to temporarily halt buy now pay later schemes, labelling them a “financial scandal waiting to happen”.
The UK government last week voted down Creasy’s cross-party amendment to the Financial Services Bill, which sought to introduce regulations on BNPL providers like Klarna and Clearpay.
Ministers have indicated they will only take action after a review of unsecured credit market regulation is published.
Creasy told the Evening Standard: “My message to all retailers is I’m going to hold them responsible until the government gets itself in order and gets the regulation in place.”
She added: “I am very concerned by any websites which prioritise BNPL. I’m very concerned by any companies that actually offer discounts to push people onto using BNPL”
"I want to see responsible retailers step in where the government has failed. It is a ticking time bomb particularly of younger consumers.”
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