BNPL gives users more control over their spending. Millennials and Gen Z see it as a more flexible way to buy products they can't afford.
21% use the BNPL payment option to buy groceriesStatistics surrounding BNPL show a significant increase in the number of people opting for the service. In addition, various "buy now, pay later" services have also entered the market.
As of 2024,There are more than 3600 million.
ExpectedBy 2027, BNPL users will grow by 157% to 900 million.
It is expected that by 2024, the global "buy now, pay later" market will:Up to 807$700 million.
PayPal credit is the most popular BNPL app, with 57% of consumers using it.
18% of US BNPL users tend to miss payments.
BNPL is the fifth most used payment method on e-commerce.
46% of consumers use BNPL to buy fashion accessories such as clothes, shoes, and jewelry.
A study conducted in 2022 revealed that there are more than 3600 million people use BNPL payment options.
In addition, buy now, pay later users are expected to grow by 157%, reaching 900 million users worldwide by 2027.
In 2023, the number of BNPL users in the United States was 88.2 million and is expected to reach 94.4 million by the end of 2024. This will be 7. year-over-year compared to 20231%。
These users are expected to purchase $81 billion worth of goods and services through BNPL this year.
In addition, by the end of 2026, the number of BNPL users in the United States will reach 10.5 billion.
One of the main reasons for this growth is the flexibility offered by BNPL options and the growing awareness among the people of the country.
The table below shows the number of BNPL users recorded in the United States over the years.
Let's unveil the latest** and data on the global and US BNPL markets in this section.
In 2023, the BNPL market is worth 719$300 million, which is expected to reach 807 by 2024$700 million.
In addition, in 2022, 5% of all online purchases were recorded through BNPL. This is expected to rise to 7% by 2026.
BNPL is widely used for online shopping worldwide, with a 5% market share in e-commerce transactions. In addition, BNPL is the most popular payment method for online shopping in Europe.
According to 2026, BNPL is expected to remain the fifth most used payment method on e-commerce. However, its usage is expected to increase by 1% by then.
Here are more details about the market share of payment methods used in e-commerce exchanges
This is the highest compared to the rest of the world. Conversely, the "buy now, pay later" option is the least used in Latin America.
The use of BNPL is more dominant in regions with higher e-commerce penetration, inefficient banking systems, higher inflation, and more lenient financial and consumer protection** regulations.
The table below shows the share of buy now, pay later payment methods for e-commerce transactions in different regions of the world.
BNPL is the most popular among women. 11% of women reported using BNPL to make online purchases more than 5 times in the last 12 months.
In contrast, 26% of men have used BNPL in the past 12 months, and only 9% have used it more than 5 times.
In addition, 58% of women use BNPL** to buy clothes and other fashion products, while 58% of men use BNPL to buy electronic and ** products.
The table below provides details on the percentage of shoppers who have used BNPL in the last 12 months.
Black and Hispanic consumers are more likely to use the Buy Now Pay Later option across racial groups.
People with low incomes, low credit scores, and unmet credit needs make up a large percentage of all BNPL users.
The table below provides more details on the use of BNPL by different ethnicities.
Here are the main reasons why people prefer to use BNPL over other payment methods:
Convenience Ease of use: 46%.
Budget flexibility: 44%.
Zero interest: 41%.
Repayment flexibility: 40%.
Currently, clothing is the most popular way to buy for BNPL, followed by home décor (furniture and appliances) and electronics. The use of BNPL in these purchases is expected to increase further. As a result, the global trading value of BNPL is expected to exceed $500 billion in the coming years.
The BNPL transaction value was $309.2 billion in 2023 and is expected to reach $386 billion in 2024. That's roughly $77 billion more than 2023 transactions.
In addition, the trading volume of BNPL in 2023 increased by nearly $96 billion compared to the previous year.
The table below details the global e-commerce transaction value of BNPL over the years.
BNPL is one of the most convenient** ways to shop, as it enables users to purchase items at extremely low interest rates and pay for them in installments.
As a result, the number of BNPL users has exceeded 3600 million, and is expected to exceed 900 million in the next four years. List of high-quality authors