PUBLISHER: yStats.com | PRODUCT CODE: 1420798
PUBLISHER: yStats.com | PRODUCT CODE: 1420798
“BNPL ranked as the least regularly used payment method in North America:” new yStats.com report.
While the value of BNPL payments in the country is projected to nearly double between 2022 and 2026, the growth rate of BNPL payments is expected to significantly decrease during that period. Moreover, although the number of BNPL users is projected to increase, the growth rate of new users is also expected to decline. A survey cited in the yStats.com report indicates a slight decrease in the share of respondents who currently use BNPL services from 2021 to 2022. As a result, BNPL, with a low single-digit percentage, ranked last among payment methods used at least 5 times per month in North America, suggesting that the initial surge in BNPL adoption in the country has slowed down.
With the growing adoption of BNPL services in the country, BNPL providers have witnessed an increase in their user base. Klarna emerged as the most popular BNPL platform, chosen by over 3 out of 10 BNPL users. Afterpay followed as the second most used BNPL platform, with Affirm ranking third. Regarding the product categories financed through BNPL services by U.S. adults, major appliances, electronics, and home furnishings were the top three. While larger product categories remain common for BNPL purchases, there is also a shift towards financing smaller purchases. As of January-February 2023, BNPL orders for groceries experienced double-digit annual growth, and apparel saw a single-digit percentage increase as well.