BNPL provider Klarna has fired the first shots in its assault on UK bank's retail business with the launch of a debit card and a digital wallet.
According to Klarna, the launches are designed to disrupt a core business of retail banks - everyday consumer spending.
The digial wallet (Klarna Balance) will enable to custoemrs to store money, add and withdraw funds and receive cashback rewards for certian purchases made through Klarna.
Klarna Card is backed by Visa and has already been rolled out across Europe after iniitally launching in the US.
“Traditional banks have taken the trust out of banking," said David Sandstrom, chief marketing officer of Klarna in a typically combative statement. "We’re here to change that."
The product launch comes on the back of Klarna securing authorisation from the FCA in July to provide e-money services.