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Klarna Launches ‘Wikipink’ in a Bold Move for Greater Transparency in Credit Industry

In collaboration with The Harris Poll, Klarna aims to challenge traditional credit models, revealing industry-breaking data and promoting fair, consumer-friendly credit options.

Klarna Launches ‘Wikipink’ in a Bold Move for Greater Transparency in Credit Industry

Klarna said 31 percent of its users pay early.

Klarna’s latest initiative is a website aimed “at setting new standards for transparency and responsibility in the credit and lending industry,” the company said, adding that the “Wikipink” site will 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.”

As the site launches, Klarna said it teamed up with The Harris Poll to get a read on how shoppers use credit cards while addressing misconceptions in the industry.

Klarna said as credit card debt hits new highs, interest rates on cards have soared to 36 percent. In its poll of consumers, Klarna found that 41 percent of U.S. shoppers who use credit cards “are revolving month-to-month, with approximately one-quarter of credit card users (23 percent) saying they have paid their credit card late and incurred a late fee or had a credit card payment go into debt collection over the last year.”

This compares to 31 percent of Klarna’s “Pay in 4” users who pay their bills early and just 4 percent who have been hit with late fees. “Klarna’s global default rate stands at less than 1 percent, significantly lower than the delinquency rates associated with credit cards, and 99 percent of payments are repaid,” the company said.

U.S. consumers who are saddled with massive credit card debt may not have themselves to blame. David Sykes, chief commercial officer at 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,” Sykes said. “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 toward more ethical, transparent and consumer-friendly credit options.”