05 April 2024

Klarna launches data hub

Written By FinTech Alliance

Klarna launches data hub

Including facts on how Brits use its credit products.

In brief:

- Klarna, the AI-powered global payments network and shopping assistant, today announced Wikipink, an industry-first data hub with facts on how UK consumers are using Klarna’s credit products.

- Klarna’s BNPL products never charge any interest and encourage responsible spending with checks on every purchase, clear repayment dates and the restricted use to its credit products if payments are missed.

- Late fees are a necessary evil, but encourage on time payments
Internally at Klarna, money earnt from late fees is referred to as “negative revenue”, however they do act as an encouragement for customers to pay on time or early.

What does this mean?

Raji Behal, Head of Western and Southern Europe at Klarna said, “As traditional banks and credit card companies trick consumers into debt with exorbitant interest rates, hidden fees, and revolving debt, it is clear that the business model does not work in their favour. Wikipink is not just a showcase of Klarna's achievements, but a call to action for the entire financial industry to prioritize consumer well-being over profit. By sharing our data and practices openly, we aim to inspire a shift towards more ethical, transparent, and consumer-friendly credit options.”

Read more here. 

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