Klarna, the AI-powered global payments network and shopping assistant, has announced the launch of a new online initiative – Wikipink – aimed at setting new standards for transparency and responsibility in the credit and lending industry.
Amid growing scrutiny over the practices of credit providers and increasing credit card debt in the US, Klarna steps forward to challenge the status quo by revealing comprehensive data on its services, including repayment rates, late fee rates, and consumer age demographics, highlighting its commitment to fair and sustainable credit solutions. Additionally, Klarna commissioned The Harris Poll to conduct a survey among over 2,000 US adults to better understand how today’s consumers are using credit cards to address some of the biggest misconceptions in the industry.
David Sykes, Chief Commercial Officer, Klarna said: “We still see too many of the traditional banks and credit card companies pushing products on consumers with exorbitant interest rates, hidden fees, and revolving debt. It is very clear that the traditional credit card model does not work in the favor of the vast majority of customers. 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. By sharing our data and practices openly, we aim to inspire a shift towards more ethical, transparent, and consumer-friendly credit options.”
Find the full findings here: https://www.klarna.com/international/press/klarna-wikipink-challenges-broken-us-credit-system-with-transparent-data/
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