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Nothing is free.Neither is Klarna.

Yes, Klarna may claim they offer "interest free credit". But once smoothly onboarded, customers likely will start revolving credit to finance their purchases.

As per Klarna's UK website: "The Annual Percentage Rate (APR) for purchases is between 0-18.99%."

So, double the 10,1% APR that Barclays and StepChange charge.

Good summation. Thanks for posting.

An oversight in the above, is the Nordic's largest financial services provider; TietoEVRY, has also joined the Swedish e-krona pilot.

From a vantage point of "commercial" banks, a valid question is indeed: Why CBDCs?

However, the many reports referred to above (BoE, but also BIS, Norges Bank, Riksbanken) do touch upon the opportunities for central banks and commercial banks alike - dependent on the design choices.

Regarding users, and unlike RTGS.global's Andrew Smith, I'd say there are a few advantages to CBDCs. Main one being that they'd be guaranteed (as is the case of cash) by a central bank. This is certainly one reason why central banks (with dwindling cash usage) are pursuing CBDCs.

Even still, why users (consumers and businesses alike) would embrace CBDCs, still needs further attention.

Mr. Javeus is not exactly impartial to money issuance and production (hint: It resides with the commercial banks in today's world of digital money). And so, I'd argue that most (any?) commercial bank, would argue against a CBDC.

In this light, let me lend a thought or two on his opinions:

1) Not sure Facebook’s Libra is on the rise anytime soon. Mastercard, Visa and eBay recently left them.

2) Javeus is inferring that CBDCs would entail a [bank-like] account with the central bank. But what if the CBDC is value based? And even if, the account is likely just a registry (and not a bank account per-say).

3) Javeus is claiming that an “infrastructure” could only be developed by Facebook. Really? With all the muscle they do have on SoMe, it is nothing compared to the FS industry's muscles.

4) Finally - well, Facebook? Do we really want to entrust Facebook with our financial data, as well? Have we learned nothing over the years from what drives Facebook (hint: Revenue - to the detriment of public discourse, financial markets, politics, elections, privacy, etc. etc.). Add also, non-existing governmental oversight, thanks to the US government.

Actually, I'd like to broaden GAFA to extend to: GAFAMATS (Google, Apple, Facebook, Amazon, Microsoft, Alipay, Tencent, Samsung). All are active in the PSD2 region, and all are likely to seek FSA authorization (which is needed to reap the benefits of PSD2 as  AISP or PISP). I'm positive that some of them already are working on this approval in Ireland (where most of them reside due to their poor business taxation, etc.)