Klarna campaign supports regulation of buy now, pay later

Klarna has launched a campaign that reinforces its support for further regulation of buy now, pay later (BNPL.)

The payments provider said that in the context of the current debate around regulation of BNPL, it is using this campaign to confirm its support for further regulation to better protect consumers, with a billboard that says, “Let’s make regulation fit for today. Consumers want to bank, pay and shop in innovative and new ways. And we want what’s best for them.”

The campaign is designed to champion consumers who are managing their spending responsibly, support regulation and challenge common stereotypes about millennials.

Last month money expert Martin Lewis, who also calls for regulation of the payment service, said that BNPL businesses were mainly targeting the under thirties.

At a virtual House of Commons Select Committee meeting, Lewis said that these schemes were “absolutely the fastest growing form of credit in the country.”

Klarna hopes to address stereotypes associated with its main customer base with a series of billboards that say “Millenials are useless with money,” followed by “millennials actually save 36 per cent more money than older generations.”

Klarna’s direct to consumer app, which enables users to shop at any store or brand online with instalment payment options, now has more than 12 million monthly active users worldwide, with 55,000 daily downloads.

“Consumer preferences and shopping habits are constantly evolving, yet stereotypes and common, incorrect assumptions appear to be stuck in the dark ages. Our latest campaign sets out to challenge these beliefs and to champion our customers - from Millennials to Gen Xers,” said Klarna head of UK marketing, AJ Coyne. “We recognise that our customers don’t need nor want to be labelled, they need responsible solutions which protect them when shopping. At Klarna we are proud to provide that support and will continue to innovate and develop to keep up with our dynamic and diverse customers.”

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