DIGITAL & TRENDS

Buy Now, Pay Later (BNPL)

 Table of Contents

01 Global market 04 Transaction volume

Annual buy now, pay later (BNPL) global market size 2019-2021, with forecasts to 2026 03 Annual buy now, pay later (BNPL) transaction volume in U.S. 2019-2021, by vertical 22
Growth of Curbside Pickup, BOPIS, and BNPL usage during COVID-19, by region 04 Buy now, pay later debt per capita on nine different platforms in the UK 2020-2021 23
Buy now, pay later (BNPL) share in e-commerce in 41 countries worldwide 2016-2022 05 BNPL spending on e-commerce SEA 2021-2026, by country 24
POS financing in offline shopping in 40 countries worldwide 2020 06 Average BNPL basket size Singapore 2021, by income group 25
Active users of Klarna, Afterpay, Affirm worldwide 2021 07
Key players in buy now, pay later (BNPL) worldwide, based on transaction value 2021 08 05 User demographics
Annual buy now, pay later (BNPL) users in the U.S. 2020-2022, by age and gender 27
02 "Pure play" brands Usage rate of Buy Now, Pay Later services in Japan 2022, by age group and gender 28
Merchants who use Klarna for buy now pay later in 83 countries worldwide 2022 10 Age distribution of BNPL users in Russia 2022 29
Merchants who use Pay in 4 for buy now, pay later in 18 countries worldwide 2022 11 Buy now, pay later (BNPL) users in Italy 2021, by age and gender 30
Merchants who use Afterpay for buy now, pay later in 52 countries worldwide 2022 12
Merchants who use Sezzle for buy now, pay later in 26 countries worldwide 2022 13 06 Inflation impact
Merchants who use Affirm for buy now, pay later in 21 countries worldwide 2022 14 Impact of inflation on preferred e-commerce payment method in the U.S. 2022 32
Merchants who use Zip for buy now, pay later in 18 countries worldwide 2022 15 Impact of inflation on preferred e-commerce payment method in the UK 2022 33
Impact of inflation on preferred e-commerce payment method in Canada 2022 34
03 Products Impact of inflation on preferred e-commerce payment method in Brazil 2022 35
Annual buy now, pay later (BNPL) transaction volume in U.S. 2019-2021, by vertical 17 Impact of inflation on preferred e-commerce payment method in Chile 2022 36
Popular products to buy with buy now, pay later (BNPL) in the UK 2021 18 Impact of inflation on preferred e-commerce payment method in Italy 2022 37
Share of consumers using BNPL India 2022, by purchase category and age 19 Impact of inflation on preferred e-commerce payment method in Germany 2022 38
Share of consumers using BNPL Australia 2021, by purchase category 20

1
CHAPTER 01

Global market
 Global transaction value of buy now, pay later (BNPL) in e-commerce from
2019 to 2021, with forecasts from 2022 to 2026 (in billion U.S. dollars)
Annual buy now, pay later (BNPL) global market size 2019-2021, with forecasts to 2026

700

600 576
Transaction volume in billion U.S. dollars

500 481

386
400

300
300

214
200
120
100 60
34

0
2019 2020 2021 2022 2023 2024 2025 2026

3 Description: Global buy now, pay later (BNPL) transactions are predicted to increase by over 450 billion USD between 2021 and 2026. This would mean a further acceleration of what was seen between 2019 and 2021 - when the alternative payment method increased
by almost 400 percent. Regardless, BNPL reached a global market share of around three percent in 2021 - with eight out of 10 top global buy now, pay later markets worldwide being located in northwestern Europe. The market share of [...] Read more
Note(s): Worldwide; May 2022; The source does not provide any information regarding methodology, or data for individual countries. The source mentions this graphic is part of a report that included the following key players: "Affirm, Amazon, American Express,
Amount, Ant Group, Apple, Barclays, Block, Citibank, CreditLadder, Experian, Equifax, Goldman Sachs, Klarna, JPMorgan Chase, Mastercard, Monzo, NovaCredit, PayPal, Paytm, Revolut, Santander, Sezzle, TransUnion, Zilch, Zip"
Source(s): GlobalData
 Change in the use of Curbside Pickup, BOPIS, and BNPL from before to
during the COVID-19 pandemic in selected regions worldwide in 2021
Growth of Curbside Pickup, BOPIS, and BNPL usage during COVID-19, by region

Curbside pickup Buy now, pay later Buy online, pickup in-store
200% 190%

180%
159%
160%
139%
140%
Percentage change

120%
120%

100%
86% 85%
81%
80% 72% 70%
57% 58%
60%

40%

20% 13%

0%
North America Europe Middle East Average

4 Description: During the coronavirus pandemic, the percentage of respondents using curbside pickup rose by 190 percentage points in North America. Meanwhile, the Middle East stood out for its increased use of "buy now, pay later" services, up 120 percentage
points during that period. Another service that saw widespread growth in usage worldwide was the option to buy online and pick up in-store, with an average increase of 58 percent. Read more
Note(s): Worldwide; July 2021; 1,000 global shoppers; * Based on the usage difference in the share of respondents before and during the pandemic. ** The study was conducted in the following countries: - North America: Canada and the United [...] Read more
Source(s): Astound Commerce
 Market share of buy now, pay later (BNPL) in domestic e-commerce
payments in 41 countries and territories worldwide from 2016 to 2022
Buy now, pay later (BNPL) share in e-commerce in 41 countries worldwide 2016-2022

2016 2019 2020 2021 2022

Global 0.4% 1.6% 2.1% 3% 5%
Sweden 12% 25% 23% 25% 24%
Germany 3% 18% 19% 20% 23%
Norway 5% 13% 15% 18% 18%
Australia % 8% 10% 11% 14%
Belgium 5% 6% 7% 9% 14%
Netherlands 6% 8% 9% 12% 13%
Finland % 8% 12% 13% 13%
Denmark 5% 7% 8% 12% 12%
New Zealand % % 10% 10% 10%
United Kingdom (UK) 1% 3% 5% 6% 8%
Italy % 1% 2% 4% 6%
Canada % % % 3% 6%
United States (U.S.) % 1% 2% 4% 5%

5 Description: In 2022, eight out of 10 top global buy now, pay later (BNPL) markets worldwide were located in northwestern Europe as consumers were looking for new e-commerce payment methods. The market share of BNPL services in domestic e-commerce
payments in both Sweden and Germany, for instance, was around ten times higher than the same market share in global e-commerce payments. This is likely due to the popularity of Sweden's BNPL provider Klarna, one of the most used online [...] Read more
Note(s): Worldwide; 2016, 2019, 2020, 2021, 2022; The figures have been taken from several publications, for more information see the "Details" tab.
Source(s): GlobalData; IMF; McKinsey; World Bank; Worldpay
 Market share of point-of-sale (POS) financing (including buy now, pay later or
BNPL) in offline retail payments in 40 countries and territories worldwide in 2020
POS financing in offline shopping in 40 countries worldwide 2020

Market share
0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

Global 3.5%

South Africa 8%

United Arab Emirates 7%

Germany 6%

India 6%

Italy 6%

Nigeria 6%

Sweden 5%

Peru 5%

Turkey 5%

Australia 4%

France 4%

Netherlands 4%

New Zealand 4%

Norway 4%

6 Description: South Africa was the world's biggest country in point-of-sale (POS) financing solutions in 2020 - which can include buy now, pay later services in offline retail. Nevertheless, POS financing can also include installment loans offered by retailers themselves.
When it comes to the market share of buy now, pay later services in e-commerce, the top country worldwide is neither South Africa or the United Arab Emirates. Read more
Note(s): Worldwide; 2020; The source explicitly states that POS financing in its definition includes, but is not reserved only to, BNPL: it mentions it "includes This includes credit offered by retailers, financial institutions and marketplaces, as well as BNPL services."
Source(s): Worldpay
 Biggest buy now, pay later (BNPL) providers worldwide based on active
users as of June 2021 (in millions)
Active users of Klarna, Afterpay, Affirm worldwide 2021

100
90
90

80

70
Active users in millions

60

50

40

30

20 16

10 7

0
Klarna Afterpay Affirm

7 Description: As of June 2021, buy-now-pay-later BNPL service provider Klarna counted approximately 90 million active users. Competitors Afterpay, and Affirm could count on way fewer users compared to the Swedish fintech company. As of June 2021, Afterpay had
16 million active users, while Affirm had seven million. Read more
Note(s): Worldwide; June 2021; The figure for Klarna is as of its H1 2021 reporting, although the source does not clarify this.
Source(s): Various sources (Company filings))
 Biggest buy now, pay later (BNPL) providers worldwide based on gross
merchandise volume (GMV) in 2020 and 2021 (in billion U.S. dollars)
Key players in buy now, pay later (BNPL) worldwide, based on transaction value 2021

2020 2021
Klarna (Sweden) 53 80
Afterpay (Australia) 11 19.7
Affirm (U.S.) 8.75 15.5
Zip (Australia) 2.1
Sezzle (U.S.) 0.4
Splitit (U.S.) 0.2
Openpay (Australia) 0.2

8 Description: The value of BNPL transactions made - referred to as gross merchandise volume or GMV - on Klarna was several times bigger than that of Afterpay. This according to information from the companies themselves, as reported in their financial reporting for
2020. The Swedish company, for example, reported the value of transactions made using its payment platform grew by more than 45 percent between 2019 and 2020, helped by its expansion into the United States and other markets. Klarna's [...] Read more
Note(s): United States; June 2021 and September 2022; The source adds that "the selection of players is not exhaustive".
Source(s): Various sources (Company reports, company websites)
CHAPTER 02

"Pure play" brands

 Number and share of merchants who use Klarna as a buy now pay later (BNPL)
solution on their website across various countries in the world as of October 3, 2022
Merchants who use Klarna for buy now pay later in 83 countries worldwide 2022

Number of websites Share of all websites that offer a buy Share of all websites that offer at
now, pay later (BNPL) solution least one payment technology,
excluding crypto and FX
United States 76967 36.96% 0.68%
Germany 73094 97.78% 8.75%
Sweden 24693 98.52% 12.03%
United Kingdom 18724 54.14% 1.63%
Netherlands 9969 87.42% 3.80%
Norway 6508 98.44% 16.48%
Austria 5687 96.31% 7.78%
Denmark 4908 98.22% 5.55%
Finland 4336 97.13% 13.98%
Italy 3523 47.74% 1.00%
Switzerland 3512 97.02% 3.21%
Australia 2694 5.04% 0.28%
France 1472 54.00% 0.40%

10 Description: The United States had the highest number of merchants who offered Klarna up until 2022, whilst the relative use in Europe was far higher. Estimates based on website tracking and the technologies uses within them reveals that merchants from Klarna's
home country Sweden, and especially its neighboring countries, offered the payment method relatively more often than anywhere else in the world. For example, estimates are that nearly 23,500 merchants up until August 2022 had [...] Read more
Note(s): Worldwide; October 3, 2022; Websites with a domain from said country;<br>The numbers have been gathered and calculated by Statista, see the "Details" tab for more information.
Source(s): BuiltWith; Statista
 Number and share of merchants who use PayPal's Pay in 4 as a buy now, pay later (BNPL)
solution on their website across various countries in the world as of October 3, 2022
Merchants who use Pay in 4 for buy now, pay later in 18 countries worldwide 2022

Number of websites Share of all websites that offer a buy Share of all websites that offer at
now, pay later (BNPL) solution least one payment technology,
excluding crypto and FX
United States 2980 1.43% 0.03%
Germany 729 0.98% 0.08%
United Kingdom 691 2.00% 0.06%
Australia 430 0.80% 0.05%
France 374 13.72% 0.10%
Italy 344 4.66% 0.10%
Canada 79 1.18% 0.02%
Spain 76 1.51% 0.03%
Hong Kong SAR 53 9.40% 0.13%
Austria 14 0.24% 0.02%
China 11 1.92% 0.02%
Switzerland 9 0.25% 0.01%
Netherlands 9 0.08% 0.00%

11 Description: The United States had the highest number of merchants who offered Pay in 4 up until 2022, but the market share was relatively low compared to other countries. Estimates based on website tracking and the technologies used within them reveal that
merchants from France offer this payment method relatively more often than anywhere else in the world. For example, estimates are that nearly 375 merchants up until October 2022 had PayPal's Pay in 4 on their website - a number that [...] Read more
Note(s): Worldwide; October 3, 2022; Websites with a domain from said country;<br>The numbers have been gathered and calculated by Statista, see the "Details" tab for more information.
Source(s): BuiltWith; Statista
 Number and share of merchants who use Afterpay as a buy now, pay later (BNPL) solution
on their website across various countries and territories in the world as of October 3, 2022
Merchants who use Afterpay for buy now, pay later in 52 countries worldwide 2022

Number of websites Share of all websites that offer a buy Share of all websites that offer at
now, pay later (BNPL) solution least one payment technology,
excluding crypto and FX
United States 52954 25.43% 0.47%
Australia 34475 64.50% 3.77%
United Kingdom 5904 17.07% 0.51%
New Zealand 4982 53.49% 3.90%
Netherlands 1247 10.93% 0.46%
Canada 1105 16.49% 0.23%
Italy 423 5.73% 0.12%
Germany 378 0.51% 0.04%
Spain 232 4.62% 0.10%
France 208 7.63% 0.06%
Sweden 141 0.56% 0.06%
Poland 128 15.20% 0.21%
South Africa 89 14.81% 0.19%

12 Description: The United States had the highest number of merchants who offered Afterpay until 2022, but the market share in Australia and New Zealand was far higher. Estimates based on website tracking and the technologies used within them reveal that
merchants from Oceania - Afterpay, not to be confused with AfterPay from the Netherlands, originates from Australia - offer this payment method relatively more often than anywhere else in the world. For example, estimates are that nearly 5,000 [...] Read more
Note(s): Worldwide; October 3, 2022; Websites with a domain from said country;<br>The numbers have been gathered and calculated by Statista, see the "Details" tab for more information.
Source(s): BuiltWith; Statista
 Number and share of merchants who use Sezzle as a buy now, pay later (BNPL) solution on
their website across various countries and territories in the world as of October 3, 2022
Merchants who use Sezzle for buy now, pay later in 26 countries worldwide 2022

Number of websites Share of all websites that offer a buy Share of all websites that offer at
now, pay later (BNPL) solution least one payment technology,
excluding crypto and FX
United States 35810 17.20% 0.32%
Canada 2672 39.87% 0.55%
India 548 55.86% 0.28%
Australia 421 0.79% 0.04%
United Kingdom 200 0.58% 0.02%
Spain 57 1.13% 0.02%
Hong Kong SAR 33 5.85% 0.08%
France 28 1.03% 0.01%
Germany 27 0.04% 0.00%
China 22 3.85% 0.04%
Japan 21 3.11% 0.02%
Netherlands 19 0.17% 0.01%
New Zealand 18 0.19% 0.01%

13 Description: Sezzle's market share in India was more than 50 percent up until 2022, although the United States had the highest number of merchants offering it. Estimates based on website tracking and the technologies used within them reveal that merchants from
the United States and Canada offer the Minneapolis-based payment method relatively more often than anywhere else in the world. For example, estimates are that more than 2,500 Canadian merchants up until October 2022 had Afterpay on [...] Read more
Note(s): Worldwide; October 3, 2022; Websites with a domain from said country;<br>The numbers have been gathered and calculated by Statista, see the "Details" tab for more information.
Source(s): BuiltWith; Statista
 Number and share of merchants who use Affirm as a buy now, pay later (BNPL) solution on
their website across various countries and territories in the world as of October 3, 2022
Merchants who use Affirm for buy now, pay later in 21 countries worldwide 2022

Number of websites Share of all websites that offer a buy Share of all websites that offer at
now, pay later (BNPL) solution least one payment technology,
excluding crypto and FX
United States 13519 6.49% 0.12%
Canada 271 4.04% 0.06%
United Kingdom 72 0.21% 0.01%
Australia 53 0.10% 0.01%
Germany 49 0.07% 0.01%
Netherlands 29 0.25% 0.01%
China 28 4.90% 0.05%
Switzerland 15 0.41% 0.01%
Japan 14 2.07% 0.01%
France 13 0.48% 0.00%
India 12 1.22% 0.01%
Hong Kong SAR 11 1.95% 0.03%
Italy 11 0.15% 0.00%

14 Description: Affirm was offered more often as a BNPL option within the United States than anywhere else in the world. Estimates based on website tracking and the technologies used within them reveal that merchants from the United States and Canada offer the San
Francisco-based payment method relatively more often than anywhere else in the world. For example, estimates are that more than 270 Canadian merchants up until October 2022 had Affirm on their website - a number that was slightly [...] Read more
Note(s): Worldwide; October 3, 2022; Websites with a domain from said country;<br>The numbers have been gathered and calculated by Statista, see the "Details" tab for more information.
Source(s): BuiltWith; Statista
 Number and share of merchants who use Zip as a buy now, pay later (BNPL) solution on their
website across various countries and territories in the world in the world as of October 3, 2022
Merchants who use Zip for buy now, pay later in 18 countries worldwide 2022

Number of websites Share of all websites that offer a buy Share of all websites that offer at
now, pay later (BNPL) solution least one payment technology,
excluding crypto and FX
Australia 13519 25.29% 1.45%
United States 271 0.13% 0.00%
New Zealand 72 0.77% 0.05%
United Kingdom 68 0.20% 0.01%
Mexico 53 3.00% 0.05%
Philippines 29 9.83% 0.27%
Germany 28 0.04% 0.00%
China 15 2.62% 0.03%
Argentina 14 8.14% 0.02%
Austria 13 0.22% 0.02%
France 12 0.44% 0.00%
Netherlands 11 0.10% 0.00%
Canada 11 0.16% 0.00%

15 Description: Australia had the highest number of merchants offering Zip up until 2022, although its market share was relatively high in the Philippines. Estimates based on website tracking and the technologies used within them reveal that merchants from the United
States and New Zealand offer the Australian payment method also offer the payment method. For example, estimates are that more than 70 New Zealand merchants up until October 2022 had Zip on their website - a number that was [...] Read more
Note(s): Worldwide; October 3, 2022; Websites with a domain from said country;<br>The numbers have been gathered and calculated by Statista, see the "Details" tab for more information.
Source(s): BuiltWith; Statista
CHAPTER 03

Products
 Transaction volume of buy now, pay later (BNPL) in different product segments and
merchant verticals in the United States from 2019 to 2021 (in billion U.S. dollars)
Annual buy now, pay later (BNPL) transaction volume in U.S. 2019-2021, by vertical

2019 2020 2021

Total 2 8.3 24.2
Apparel 1.34 4.74 12.43
Personal Effects (Electronics, Fitness/Sporting, Equipment, 0.09 0.72 2.76
Games/Hobbies, Jewelry)
Mass Market (Department Stores, Discount / wholesale, General 0.13 0.92 2.65
Goods, General Merchandise)
Beauty 0.29 1.07 2.01
Home (Furniture/Home Furnishings, Home Improvement) 0.03 0.29 1.11
Travel/Entertainment 0.01 0.06 0.8
Services 0.01 0.1 0.64
Automotive 0 0.03 0.27
Health (Elective Medical, Health Products) 0.01 0.09 0.23

17 Description: United States consumers took three times more buy now, pay later (BNPL) loans in 2021 than they did in 2020. This according to a survey held in the U.S. among five different pure player BNPL lenders, of which the biggest lender accounted for 39 percent
of overall transaction volume. The smallest lender accounted for six percent. The source admits this may mean that the numbers shown here might not cover the full Buy Now, Pay Later market. Nevertheless, the aggregated figures reveal [...] Read more
Note(s): Worldwide; March 2022; 5 respondents; Affirm, Afterpay, Klarna, PayPal, and Zip; Lenders that provide "pay-in-four" products, i.e. pure players only
Source(s): Consumer Financial Protection Bureau
 Share of buy now, pay later (BNPL) users who purchased select product
types in the United Kingdom (UK) in 2021
Popular products to buy with buy now, pay later (BNPL) in the UK 2021

Share of respondents
0% 5% 10% 15% 20% 25% 30% 35%

Casual wear 33%

Eating out 31.4%

Beauty products 25.7%

Other clothes 22.5%

Tech 21.8%

Travel 19.3%

Home improvements 19%

Holidays 18.8%

Entertainment 18.7%

Utilities 18%

Sportswear 16.7%

Work clothes 16.3%

Rent 14.3%

Designer clothes 13.8%

School uniform 10.7%

18 Description: About one in three UK consumers used to pay with Buy Now Pay Later (BNPL) methods when purchasing casual wear, as revealed by a survey conducted in 2021. Another 31.4 percent used to do so when eating out, while 25.7 percent of respondents
used a BNPL solution when purchasing beauty products. Read more
Note(s): United Kingdom; June 2021; 2,025 respondents; Data as of June 2021, no newer figures have been released as of January 2023
Source(s): finder.com
 Share of consumers using Buy Now Pay Later (BNPL) payment services in
India in 2022, by purchase category and age
Share of consumers using BNPL India 2022, by purchase category and age

18-24 years 25-44 years 45-54 years

90%
78%
80% 74%
70%
70% 66%
63% 62%
60%
58%
Share of respondents

60%
53%
50%

40% 36%
30%
28%
30%
20%
18%
20% 15%

10%

0%
Ed-tech courses Fashion & lifestyle products Travel Electronic Everyday basic shopping
products/smartphones

19 Description: According to a survey from 2022, Buy Now, Pay Later (BNPL) payment services in India are mostly used for fashion and electronics purchases, with nearly eight in ten consumers aged between 45 and 54 years using BNPL payment services for electronic
products or smartphones. Payments for educational technology purchases were the least likely to be delayed. Roughly one-fifth of surveyed consumers used BNPL for ed-tech courses. Read more
Note(s): India; February and March 2022; 1,000 respondents
Source(s): Benori Knowledge
 Share of consumers who have used Buy Now Pay Later in Australia as of
May 2021, by purchase category
Share of consumers using BNPL Australia 2021, by purchase category

Share of consumers
0% 5% 10% 15% 20% 25% 30%

Clothing and accessories 26%

Electronics and computing 20%

Health and beauty 15%

Home and garden 15%

Toys and games (physical) 13%

Sporting goods 12%

Tickets (e.g. music, movies) 9%

Grocery 9%

Household bills 9%

Travel and tourism 8%

Food and drink 8%

Government fees 6%

20 Description: According to a survey conducted in 2021, around 26 percent of regular online shopping consumers in Australia used Buy Now Pay Later services to purchase clothing and other accessories. Among the respondents, around 20 percent used BNPL services
to buy electronics and computing devices in that same year. Read more
Note(s): Australia; April 21 to May 3, 2021; 1,008 respondents; 18 years and older; among Australians who shop online
Source(s): PayPal
CHAPTER 04

Transaction volume
 Transaction volume of buy now, pay later (BNPL) in different product segments and
merchant verticals in the United States from 2019 to 2021 (in billion U.S. dollars)
Annual buy now, pay later (BNPL) transaction volume in U.S. 2019-2021, by vertical

2019 2020 2021

Total 2 8.3 24.2
Apparel 1.34 4.74 12.43
Personal Effects (Electronics, Fitness/Sporting, Equipment, 0.09 0.72 2.76
Games/Hobbies, Jewelry)
Mass Market (Department Stores, Discount / wholesale, General 0.13 0.92 2.65
Goods, General Merchandise)
Beauty 0.29 1.07 2.01
Home (Furniture/Home Furnishings, Home Improvement) 0.03 0.29 1.11
Travel/Entertainment 0.01 0.06 0.8
Services 0.01 0.1 0.64
Automotive 0 0.03 0.27
Health (Elective Medical, Health Products) 0.01 0.09 0.23

22 Description: United States consumers took three times more buy now, pay later (BNPL) loans in 2021 than they did in 2020. This according to a survey held in the U.S. among five different pure player BNPL lenders, of which the biggest lender accounted for 39 percent
of overall transaction volume. The smallest lender accounted for six percent. The source admits this may mean that the numbers shown here might not cover the full Buy Now, Pay Later market. Nevertheless, the aggregated figures reveal [...] Read more
Note(s): Worldwide; March 2022; 5 respondents; Affirm, Afterpay, Klarna, PayPal, and Zip; Lenders that provide "pay-in-four" products, i.e. pure players only
Source(s): Consumer Financial Protection Bureau
 Average buy now, pay later debt (BNPL) debt per platform in the United
Kingdom (UK) in 2020 and 2021 (in GBP)
Buy now, pay later debt per capita on nine different platforms in the UK 2020-2021

2020 2021
National average 232.29 244.37
Laybuy 314.29 271.34
Zilch 308.44 253.77
Openpay 281.32 274.03
Payl8r 248.14 347.86
Zip 232.37 304.41
Clearpay 170.79 158.99
PayPal Credit 164.27 200.74
Klarna 138.7 143.8

23 Description: The average amount of buy now, pay later debt from a UK consumer grew by several percent between 2021 and 2020 - although values did differ per BNPL platform. Klarna and Clearpay - two of the most downloaded BNPL apps in the United Kingdom -
also had some of the lowest debts per capita compared to some of the other leading BNPL platforms. The source does not explain why these differences exist, although it does mention that most consumers took significantly longer than [...] Read more
Note(s): United Kingdom; June 2021; 2,025 respondents; 18-55 years; Consumers
Source(s): money.co.uk
 Buy Now, Pay Later (BNPL) spending on e-commerce in Southeast Asia in
2021 with a forecast for 2026, by selected country (in billion U.S. dollars)
BNPL spending on e-commerce SEA 2021-2026, by country

2021 2026*
8
7.3
7
Spending in billion U.S. dollars

2 1.7
1.4 1.5
0.9 0.9
1 0.6
0.4
0.2 0.2 0.2 0.1
0
Indonesia Thailand Singapore Malaysia Vietnam Philippines

24 Description: In 2021, the Buy Now, Pay Later (BNPL) expenditure on e-commerce in Indonesia amounted to 1.7 billion U.S. dollars. Comparatively, the BNPL spending on e-commerce in the Philippines amounted to one million U.S. dollars in 2021. According to the
source, by 2026 the BNPL spending on e-commerce was forecasted to soar approximately six times for Vietnam. Read more
Note(s): Asia; 2021; * Forecast. Read more
Source(s): IDC
 Average Buy Now, Pay Later (BNPL) basket size in Singapore in 2021, by
income group
Average BNPL basket size Singapore 2021, by income group

Monthly personal income of SGD 5,999 or less Monthly personal income of SGD 6,000 or more
60%
53%
49%
50%

40%
Share of BNPL users

30%
26% 25% 25%
22%
20%

10%

0%
SGD 100 or less SGD 101 to 500 SGD 501 or more

25 Description: According to a survey on Buy Now, Pay Later users in Singapore, 53 percent of respondents having a monthly personal income of 5,999 Singapore dollars or less had an average basket size of 100 Singapore dollars or less. In comparison, 49 percent of
respondents with a monthly income of more than 6,000 Singapore dollars had an average basket size of more than 500 Singapore dollars. Read more
Note(s): Singapore; June 2021; 460 respondents; among BNPL users
Source(s): Milieu Insight
CHAPTER 05

User demographics
 Share of respondents who said they had used a buy now, pay later (BNPL)
service in the United States from 2020 to 2022, by age and gender
Annual buy now, pay later (BNPL) users in the U.S. 2020-2022, by age and gender

July 2020 March 2021 June 2022

70%
62% 61% 61% 61% 60%
60% 59%
60% 56% 57%
53%
50% 51% 50%
50% 47%
45% 45%
Share of respondents

42% 41%
40% 38% 38%

30%
25%
21%
20%

10%

0%
Overall Male Female 18-24 years 25-34 years 35-44 years 45-54 years 55 years and older

27 Description: Younger generations in the United States were not using buy now, pay later (BNPL) as often in 2020 as their older counterparts, but this had changed by March 2021. For instance, over 61 percent of respondents ages 18 to 24 said in 2021 they had used a
buy now, pay later service - a figure significantly higher than the almost 38 percent recorded in a previous survey in 2020. The source lists the growth in this age group was 62 percent, although it was not the highest growth: The age group [...] Read more
Note(s): United States; June 29, 2022; 2,000 respondents; 18 years and older; Penetration within said consumer group, i.e. 57 percent of all male respondents in 2022 had used BNPL
Source(s): The Motley Fool (The Ascent)
 Usage rate of Buy Now, Pay Later (BNPL) services in Japan as of April 2022,
by age group and gender
Usage rate of Buy Now, Pay Later services in Japan 2022, by age group and gender

Male Female
30%

25% 24%

20%
Share of respondents

20%

15% 14%
13% 13% 13%
12%

10% 9% 9% 9%
8%
7%

5%

0%
16 to 19 years 20 to 29 years 30 to 39 years 40 to 49 years 50 to 59 years 60 to 69 years

28 Description: As of April 2022, the share of consumers using Buy Now, Pay Later (BNPL) services in Japan was highest among female respondents aged 16 to 19, at around 24 percent. Across all age groups, more women than men reported using the payment service.
Read more
Note(s): Japan; April 1 to 4, 2022; 20,000 respondents; 16-69 years; multiple answers possible
Source(s): Infcurion
 Share of buy now pay later (BNPL) services users in Russia from January to
May 2022, by age group
Age distribution of BNPL users in Russia 2022

50%

44%
45%

40%

34%
35%
Share of BNPL users

30%

25%
20%
20%

15%

10%
5%
5%
2%

0%
18-25 25-34 34-44 45-55 Older than 55

29 Description: In the first five months of 2022, the largest share of users of buy now pay later (BNPL) services in Russia was aged under 44 years. To compare, the share of BNPL users aged older than 55 years constituted only two percent. Read more
Note(s): Russia; January to May 2022
Source(s): Dolyame; Izvestia
 Share of users who used a buy now, pay later (BNPL) service in Italy in
2021, by age and gender
Buy now, pay later (BNPL) users in Italy 2021, by age and gender

70%
62.29%
60%

50%
Share of respondents

43.23%
39.49%
40%
32.71%

30%

20%
13.62%

10%
3.66%

0%
Male Female 18-24 years 25-40 years 41-56 years 57-75 years

30 Description: Gen Z was not the age group who used BNPL the most in Italy in 2021, but was estimated to be the age group who used this payment method the least. This according to big data from a single BNPL provider within Italy. Interestingly, it observed that most
of its client base were in the age group between 41 and 56 years. This may be regarded as an unusual age group for buy now, pay later - although not uncommon, as is exemplified in BNPL user demographics for the United States. Read more
Note(s): Italy; 2021; 38,239 respondents; 18-75 years; Consumers who took up at least one installment payment with BNPL instrument Soisy
Source(s): Website (Osservatorio Soisy)
CHAPTER 06

Inflation impact
 Share of consumers in the United States who indicated that increasing
cost of living changed their preferred online payment methods in 2022
Impact of inflation on preferred e-commerce payment method in the U.S. 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60%

Yes, I have changed the way I use certain payment methods 44%

No, I am still paying for online purchases using the same payment methods I… 46%

Not sure 11%

Of those who changed their payment behavior:

Debit card 51%

Credit card 44%

Digital wallet (e.g. Skrill, NETELLER) 44%

Mobile wallet (e.g. Apple Pay, Google Pay) 38%

Direct bank transfer or ACH 36%

Prepaid card 35%

Buy now, pay later ("A pay-by-instalment plan", e.g. Klarna, Affirm) 31%

Pay by invoice 28%

eCash, online cash, or electronic cash (e.g. paysafecard) 26%

Cryptocurrencies 25%

32 Description: Cost of living in 2022 changed payment behavior for online shopping in the United States, with five out of 10 respondents now using debit cards more often. This according to a survey held in 10 different countries across North America, Europe, and Latin
America, and purely asked on whether cost of living had changed payment behavior in those countries. Credit cards, BNPL, and crypto were all used more often, but neither saw the largest growth: 51 percent of respondents who changed [...] Read more
Note(s): United States; April 2022; 1,988 (875 of whom changed payments); Consumers; Figures on individual payment methods refer to those consumers who indicated they have changed their payment habits
Source(s): Paysafe Group
 Share of consumers in the United Kingdom (UK) who indicated that increasing
cost of living changed their preferred online payment methods in 2022
Impact of inflation on preferred e-commerce payment method in the UK 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70%

Yes, I have changed the way I use certain payment methods 36%

No, I am still paying for online purchases using the same payment methods I… 58%

Not sure 5%

Of those who changed their payment behavior:

Debit card 57%

Mobile wallet (e.g. Apple Pay, Google Pay) 42%

Digital wallet (e.g. Skrill, NETELLER) 40%

Credit card 39%

Buy now, pay later ("A pay-by-instalment plan", e.g. Klarna, Affirm) 32%

Direct bank transfer or ACH 32%

Prepaid card 16%

Pay by invoice 16%

eCash, online cash, or electronic cash (e.g. paysafecard) 15%

Cryptocurrencies 8%

33 Description: Inflation in 2022 changed payment behavior for online shopping in the UK, with four out of 10 respondents now paying with a credit card. This according to a survey held in 10 different countries across North America, Europe, and Latin America, and
purely asked on whether cost of living had changed payment behavior in those countries. Credit cards, BNPL, and crypto were all used more often, but neither saw the largest growth: 57 percent of respondents who changed their payment habits [...] Read more
Note(s): United Kingdom; April 2022; 1,011 (364 of whom changed payments); Consumers; Figures on individual payment methods refer to those consumers who indicated they have changed their payment habits
Source(s): Paysafe Group
 Share of consumers in Canada who indicated that increasing cost of living
changed their preferred online payment methods in 2022
Impact of inflation on preferred e-commerce payment method in Canada 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70%

Yes, I have changed the way I use certain payment methods 30%

No, I am still paying for online purchases using the same payment methods I… 61%

Not sure 10%

Of those who changed their payment behavior:

Credit card 53%

Debit card 49%

Digital wallet (e.g. Skrill, NETELLER) 42%

Mobile wallet (e.g. Apple Pay, Google Pay) 37%

Direct bank transfer or ACH 34%

Prepaid card 30%

eCash, online cash, or electronic cash (e.g. paysafecard) 21%

Pay by invoice 19%

Buy now, pay later ("A pay-by-instalment plan", e.g. Klarna, Affirm) 16%

Cryptocurrencies 15%

34 Description: When consumers in Canada indicated they changed online payment methods in 2022 due to growing cost of living, most said they increasingly used credit cards. This according to a survey held in 10 different countries across North America, Europe, and
Latin America, and purely asked on whether cost of living had changed payment behavior in those countries. BNPL, and crypto were all used more often, but neither saw the largest growth: 53 percent of respondents who changed their [...] Read more
Note(s): Canada; April 2022; 993 (298 of whom changed payments); Consumers; Figures on individual payment methods refer to those consumers who indicated they have changed their payment habits
Source(s): Paysafe Group
 Share of consumers in Brazil who indicated that increasing cost of living
changed their preferred online payment methods in 2022
Impact of inflation on preferred e-commerce payment method in Brazil 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70%

Yes, I have changed the way I use certain payment methods 61%

No, I am still paying for online purchases using the same payment methods I… 33%

Not sure 6%

Of those who changed their payment behavior:

Credit card 52%

Debit card 51%

Direct bank transfer or ACH 46%

Digital wallet (e.g. Skrill, NETELLER) 43%

Pay by invoice 41%

eCash, online cash, or electronic cash (e.g. paysafecard) 29%

Mobile wallet (e.g. Apple Pay, Google Pay) 27%

Prepaid card 20%

Buy now, pay later ("A pay-by-instalment plan", e.g. Klarna, Affirm) 20%

Cryptocurrencies 11%

35 Description: Inflation in 2022 changed payment behavior for online shopping in Brazil, with five out of 10 respondents now paying with a credit card. This according to a survey held in 10 different countries across North America, Europe, and Latin America, and purely
asked on whether cost of living had changed payment behavior in those countries. BNPL, and crypto were all used more often, but neither saw the largest growth: 52 percent of respondents who changed their payment habits because of [...] Read more
Note(s): Brazil; April 2022; 1,007 (614 of whom changed payments); Consumers; Figures on individual payment methods refer to those consumers who indicated they have changed their payment habits
Source(s): Paysafe Group
 Share of consumers in Chile who indicated that increasing cost of living
changed their preferred online payment methods in 2022
Impact of inflation on preferred e-commerce payment method in Chile 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70% 80%

Yes, I have changed the way I use certain payment methods 60%

No, I am still paying for online purchases using the same payment methods I… 35%

Not sure 5%

Of those who changed their payment behavior:

Debit card 69%

Direct bank transfer or ACH 46%

Credit card 39%

Digital wallet (e.g. Skrill, NETELLER) 29%

Prepaid card 26%

eCash, online cash, or electronic cash (e.g. paysafecard) 22%

Mobile wallet (e.g. Apple Pay, Google Pay) 21%

Pay by invoice 13%

Buy now, pay later ("A pay-by-instalment plan", e.g. Klarna, Affirm) 12%

Cryptocurrencies 9%

36 Description: When consumers in Chile indicated they changed online payment methods in 2022 due to growing cost of living, most said they increasingly used debit cards. This according to a survey held in 10 different countries across North America, Europe, and
Latin America, and purely asked on whether cost of living had changed payment behavior in those countries. Credit cards, BNPL, and crypto were all used more often, but neither saw the largest growth: 69 percent of respondents who changed [...] Read more
Note(s): Chile; April 2022; 1,003 (602 of whom changed payments); Consumers; Figures on individual payment methods refer to those consumers who indicated they have changed their payment habits
Source(s): Paysafe Group
 Share of consumers in Italy who indicated that increasing cost of living
changed their preferred online payment methods in 2022
Impact of inflation on preferred e-commerce payment method in Italy 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70%

Yes, I have changed the way I use certain payment methods 33%

No, I am still paying for online purchases using the same payment methods I… 58%

Not sure 9%

Of those who changed their payment behavior:

Prepaid card 50%

Digital wallet (e.g. Skrill, NETELLER) 40%

Credit card 39%

Debit card 36%

Mobile wallet (e.g. Apple Pay, Google Pay) 32%

Direct bank transfer or ACH 30%

eCash, online cash, or electronic cash (e.g. paysafecard) 20%

Buy now, pay later ("A pay-by-instalment plan", e.g. Klarna, Affirm) 19%

Pay by invoice 18%

Cryptocurrencies 13%

37 Description: When consumers in Italy indicated they changed online payment methods in 2022 due to growing cost of living, most said they increasingly used prepaid cards. This according to a survey held in 10 different countries across North America, Europe, and
Latin America, and purely asked on whether cost of living had changed payment behavior in those countries. Credit cards, BNPL, and crypto were all used more often, but neither saw the largest growth: 50 percent of respondents who [...] Read more
Note(s): Italy; April 2022; 991 (327 of whom changed payments); Consumers; Figures on individual payment methods refer to those consumers who indicated they have changed their payment habits
Source(s): Paysafe Group
 Share of consumers in Germany who indicated that increasing cost of
living changed their preferred online payment methods in 2022
Impact of inflation on preferred e-commerce payment method in Germany 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70%

Yes, I have changed the way I use certain payment methods 33%

No, I am still paying for online purchases using the same payment methods I… 59%

Not sure 8%

Of those who changed their payment behavior:

Debit card 52%

Digital wallet (e.g. Skrill, NETELLER) 50%

Pay by invoice 42%

Credit card 39%

Direct bank transfer or ACH 38%

Buy now, pay later ("A pay-by-instalment plan", e.g. Klarna, Affirm) 36%

Mobile wallet (e.g. Apple Pay, Google Pay) 31%

eCash, online cash, or electronic cash (e.g. paysafecard) 31%

Prepaid card 22%

Cryptocurrencies 16%

38 Description: Inflation in 2022 changed payment behavior for online shopping in Germany, with four out of 10 respondents now paying with a credit card. This according to a survey held in 10 different countries across North America, Europe, and Latin America, and
purely asked on whether cost of living had changed payment behavior in those countries. Credit cards, BNPL, and crypto were all used more often, but neither saw the largest growth: 52 percent of respondents who changed their payment [...] Read more
Note(s): Germany; April 2022; 1,113 (334 of whom changed payments); Consumers; Figures on individual payment methods refer to those consumers who indicated they have changed their payment habits
Source(s): Paysafe Group
 Sources

Astound Commerce Various sources (Company reports, company websites)

Benori Knowledge Website (Osservatorio Soisy)
BuiltWith World Bank
Consumer Financial Protection Bureau Worldpay
Dolyame
Fincog
finder.com
GlobalData
IDC
IMF
Infcurion
Izvestia
McKinsey
Milieu Insight
money.co.uk
New Constructs
PayPal
Paysafe Group
Sapio Research
Statista
The Motley Fool (The Ascent)
Various sources (Company filings))

39