Klarna is extending its foothold in the UK credit sector with the launch of a new contactless card that can be used in any store which accepts Visa. The card offers consumers a 30 day interest free credit facility on their purchases. Some 400,000 consumers have already applied for the card with acceptance reliant on credit checks.
The Klarna card is already in use in Sweden and Germany and a launch is also planned in the USA.
Klarna has attracted media criticism for promoting easy credit and the UK government recently completed a consultation. It is expected to introduce laws to protect consumers later this year.
Alex Marsh, head of Klarna UK, commented: “Last year consumers saved over £100m in interest by using buy now pay later instead of high cost credit cards. Klarna has been calling for regulation for over a year.”
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