Highlights. In 2024, 15% of American consumers used Buy Now, Pay Later (BNPL).
- 41% of consumers have missed at least one BNPL payment.
- BNPL is most popular among Millennials (48% usership).
- 25% of BNPL consumers have used the service to buy groceries.
- BNPL usership in the U.S. increased 50% between 2021 and 2024.
U.S. BNPL Statistics
Buy Now, Pay Later first appeared as a payment method in the United States in 2019.
- On average, BNPL users have borrowed $2,085 across all their BNPL purchases.
- An estimated 86.5 million people in the U.S. used BNPL in 2024, up 6.92% year-over-year (YoY).
- In 2025, 91.5 million American consumers will use BNPL, up 5.78% YoY.
- The average BNPL loan amount is $135 over six weeks; for comparison, traditional installment loans average $800 over 8-9 months.
- 79% of applicants were approved for BNPL credit in 2022, 1.3% more than in 2020.
- 76% of BNPL users report making all payments on time and in full.
- 10.5% of BNPL borrowers were charged at least one late fee in 2021, up from 7.8% in 2020.
- 77% of BNPL users make installments using a debit card or bank account.
- 10% of users make installment payments using a credit card, 8% use a payment service, and 6% use a prepaid card.
BNPL Use Statistics
29% of consumers offered BNPL and 19% of consumers overall used this payment method in 2023.
- 64% of U.S. consumers report being offered a BNPL payment option in 2023.
- 11.1% of BNPL customers are frequent users, using this payment method over eleven (11) times quarterly.
- Heavy users of BNPL are 41.3% more likely to recommend it to others.
- 66.9% of Americans who use BNPL used it five (5) or fewer times per quarter in 2024.
- 53.2% of BNPL users say they will probably use this payment method again.
- 57% of non-users believe that lack of credit is the primary reason people use BNPL. However, only 13.8% of actual users choose BNPL for this reason.
- Convenience is the most common reason people use BNPL at 36.5%.
- Women are 41.7% more likely to have used BNPL than men, but men are 38.8% more likely to be heavy BNPL users.
- 17.0% of women and 12.0% of men in the U.S. report using BNPL in the past year.
BNPL Quarterly Statistics
19.5% of American consumers on average used BNPL in each fiscal quarter of 2024.
- In the fourth fiscal quarter (Q4) of 2024, 20.4% of consumers made at least one purchase using BNPL, up 4.08% from Q3 2024 and up 2.51% YoY.
- In Q3 2024, 19.6% of consumers used BNPL, up 5.38% from Q2 2024.
- In Q2 2024, 18.6% of consumers used BNPL, down 3.13% from Q1 2024.
- In Q1 2024, 19.2% of consumers used BNPL, down 3.52% from Q4 2023 when 19.9% of consumers used BNPL.
BNPL Use by Age
Users of BNPL in the United States tend to be young, with 46.1% of users under 36 years old.
- 22% of consumers under 36 have borrowed using BNPL, compared to only 10% of those over 65.
- Users younger than 36 are 54.5% more likely to cite a lack of credit as their reason for choosing BNPL.
- 15.6% of 40- to 60-year-olds have used BNPL in the past year, the lowest rate of any age group.
- 20.3% of consumers under 40 years old and 20.1% of consumers over 60 years old used BNPL.
- Consumers over 60 years old are most likely to use BNPL when offered at check-out, with 34.2% of those offered using this payment option in the past year.
- 28.0% of consumers under 40 and 23.8% of consumers over 60 offered BNPL chose this payment method in the past year.
- 40% of global BNPL users are between 25 to 34 years old, the most of any age group.
- Only 4% of BNPL users worldwide are over 55.
BNPL Use by Generation
Millennials are the most likely to use BNPL; 48% report at least one purchase made with BNPL.
- 40% of Generation Z shoppers have used BNPL.
- 28% of Generation X consumers have used BNPL at least once.
- 13% of Baby Boomers have used BNPL.
BNPL Use by Region
In the United States, BNPL is most popular with consumers living in southern states.
- 23.8% of consumers in the South used BNPL in the past year, a 35.2% higher rate than the average for all regions.
- Of consumers in the South who were offered, 37.3% used BNPL in the past year.
- 16.5% of consumers in the West used BNPL or 25.7% of those offered.
- 15.2% of consumers in the Northeast used BNPL or 21.8% of those offered.
- 14.8% of consumers in the Midwest used BNPL or 22.8% of those offered.
BNPL Use by Demographics
BNPL users are more likely to be employed; 70.6% have full or part-time employment, 6.97% more than users of other payment methods.
- 72.6% of Buy Now, Pay Later users earn less than $75,000 annually.
- BNPL users earning less than $40,000 have the highest proportion of light users at 57.8%, and those earning more than $75,000 have the most heavy users at 19.1%.
- People renting their homes are 51.9% more likely to use BNPL than homeowners.
- 24.3% of renters and 16% of homeowners used BNPL in the past year.
- 22.7% of consumers with a high school level education used BNPL, a 73.3% higher rate than those with a college degree.
- 13.1% of college-educated consumers used BNPL, or 19.7% of those offered.
- 32.7% of BNPL users have a credit score below 620, a rejected credit application, or a delinquent loan, a 97.0% higher rate than U.S. consumers on average.
- 88% of BNPL users have an open credit card, 13 percentage points more than non-users.
- BNPL borrowers have, on average, $11,981 less in non-retirement savings and cash than consumers who do not use BNPL.
- 25% of BNPL users have zero non-retirement savings or cash that could be used in an emergency.
U.S. BNPL Market Statistics
The typical BNPL purchase requires a 25% down payment and has 0% interest over the six-week repayment period.
- The BNPL market is exploding; from 2019 to 2021, the number of BNPL loans in the U.S. grew 970% from 16.8 million to 180 million.
- The Gross Merchandise Volume (GMV)* for BNPL purchases totaled $109.0 billion in 2024 and is expected to reach $184.1 billion by 2030.
- In 2025, BNPL purchase volume is expected to total $122.3 billion, up 10.9% YoY.
- Buy Now, Pay Later GMV tripled between 2020 and 2021 and is 12x more than in 2019.
- The average BNPL purchase amount grew 11.6% from $135 in 2021 to $142 in 2022.
- BNPL results in an 85% higher average order value than when customers use other payment methods.
- BNPL omnichannel shoppers spend 72% more per transaction when compared to other online shoppers.
- Up to 40% of BNPL sales come from new customers to the retailer.
*Gross Merchandise Volume is the total monetary value of all merchandise purchased over a specified time.
BNPL Purchase Categories
Home & furniture is the most popular spending category, with 42% of users making these purchases with BNPL.
- 48% of shoppers 25 to 34 have used BNPL to purchase home appliances, 29.7% more than the average of all age groups.
- 30% of BNPL purchases are for electronics, making this the second most common BNPL category.
- 62% of 18 to 24-year-old consumer electronics shoppers have used BNPL to purchase video gaming consoles.
- Using BNPL for “everyday” purchases such as gas, groceries, and utilities totaled $229.2 million in 2021, up 434% from 2020.
- Apparel & beauty products accounted for 80.1% of BNPL payments in 2019 but only 58.6% in 2021.
- Globally, online purchases accounted for 66.5% of BNPL revenue in 2024.
- BNPL usage for retail purchases is estimated to grow 26.1% annually through 2030.
BNPL Holiday Shopping
In the 2025 holiday season, consumers are expected to use BNPL for $20.2 billion in purchases, up 11.0% YoY.
- 20.4% of consumers used BNPL during the 2024 holiday shopping season, up 2.51% from the same period in 2023.
- 20% of shoppers planned to use BNPL to purchase gifts during the 2023 holiday season.
- On Cyber Monday 2025, consumers are expected to used BNPL for $1.04 billion in purchases or 7.32% of all online sales.
- BNPL use on Cyber Monday 2024 totaled $993 million, up 27.0% from $782 million in 2023.
- BNPL spending is estimated to have reached $6.1 billion in November 2025.
Global BNPL Market Statistics
The global Buy Now, Pay Later (BNPL) market is worth $9.50 billion; projections indicate that it will be worth $80.2 billion in 2033.
- From 2025 to 2033, the worldwide BNPL revenue is projected to have a compound annual growth rate of 27.0%.
- The global BNPL GMV is estimated to surpass $300 billion annually.
- North America has the highest revenue share in the global BNPL market at 29.3%.
- The Asia Pacific BNPL market is set to grow by 28.4% annually through 2030, the fastest of any region.
- Europe’s BNPL payments have a current GMV of $191.3 billion, with a projected increase to $293.7 billion by 2030.
- From 2022 to 2023, BNPL website traffic grew 24.3% to 420.8 million visits.
- The combined monthly users of the top BNPL apps have risen 96.5% from 5.7 million in 2021 to 11.2 million in 2022.
- 43% of Australian consumers use Buy Now Pay Later, and 45% of online retail businesses in the country offer BNPL as a payment method.
BNPL Company Statistics
There are 5 major firms offering BNPL in the U.S.: Affirm, Klarna, Afterpay, Zip (formally Quadpay), and Sezzle, accounting for over 95% of the market share.
- The five major lenders originated $24.2 billion in BNPL loans, or GMV, in 2021.
- Two of the biggest BNPL companies operating in the US are Australian. BNPL has existed in Australia since 2015, four years earlier than in the U.S.
- Of the other top BNPL lenders, Affirm and Sezzle are headquartered in the U.S., and Klarna is a Swedish company.
- The top three BNPL applications, Affirm, Klarna, and Afterpay, each have over 1.05 million unique downloads per quarter since 2020.
- Emerging BNPL firms in the U.S. include Sezzle, Zip, and Four with over 23,000 app downloads each per quarter since 2020.
- 2 out of 5 of the leading BNPL lenders prohibit removing a payment method, meaning borrowers cannot “turn off” autopay.
- BNPL lenders earn 13.4% of their revenue through consumer fees and 6.9% from late fees.
Klarna
Klarna is the most offered pay-later service on the internet both in the U.S. and globally.
- In 2025, Klarna’s U.S. payment volume is expected to reach $25.77 billion, up 17.2% YoY.
- 42.8 million American consumers will use Klarna in 2024, spending an average total of $513.47 per user.
- Many major retailers including Nike, Instacart, and Sephora offer Klarna as a payment option at check-out.
- Over 935,616 live websites offer Klarna globally.
- 375,787 websites in the U.S. use Klarna, 40.2% of all sites using this payment method.
- 179,645 or 19.2% of websites offering Klarna are based in Germany, the most of any country after the U.S.
- Klarna was downloaded 1.67 million times in 2025 Q2, up 18.3% YoY.
Afterpay
Afterpay is the only primary BNPL lender that does not automatically conduct a soft credit check on its customers.
- In 2025, Afterpay’s U.S. payment volume is expected to reach $10.16 billion, up 10.9% YoY.
- 19.3 million American consumers will use Afterpay in 2024, spending an average total of $474.14 per user.
- Afterpay is most popular historically in the U.S., with 1.4 million Americans making 20.9 million individual transactions with this lender in 2020.
- Over 86,978 live websites offer Afterpay worldwide.
- 35,609 websites offer Afterpay in the U.S., 40.9% of the worldwide total.
- Afterpay is the 2nd most offered service on the internet in the pay later category, both in the U.S. and globally.
- Afterpay was downloaded 1.32 million times in 2025 Q2, up 5.28% YoY.
Affirm
Affirm is the only major BNPL provider with no late fees.
- In 2025, Affirm’s U.S. payment volume is expected to reach $23.27 billion, up 15.4% YoY.
- 16.4 million American consumers will use Affirm in 2024, spending an average total of $1,227.34 per user.
- The average payment size for Affirm in 2020 was $91.80, 94.8% larger than installments made to the other major BNPL lenders.
- Over 11,856 live websites offer Affirm worldwide.
- 10,172 websites in the U.S. offer Affirm, 85.8% of the global total.
- Affirm is the 5th most offered pay-later service on the internet globally, and the 4th most offered in the United States.
- Affirm was downloaded 2.07 million times in 2025 Q2, up 30.0% YoY.
Sezzle
Sezzle is used more for smaller purchases than the other BNPL lenders, with an average installment size of $23.30 in 2020.
- Over 12,782 live websites offer Sezzle worldwide.
- 10,238 websites in the U.S. offer Sezzle, 80.1% of the global total.
- Sezzle is the 4th most offered pay-later service on the internet globally, and the 3rd most offered in the United States.
- Sezzle was downloaded 971,870 times in 2025 Q2, up 71.4% YoY.
These data and insights were compiled by the Capital One Shopping team based on publicly available data.
Sources
- Federal Reserve Bank of Philadelphia, Consumer Finance
- Consumer Financial Protection Bureau, Reports
- Klarna, About Klarna
- Harvard Business School, Buy now, pay later credit: User characteristics and effects on spending patterns
- Nielsen, The rise of buy now, pay later services in Australia opens up the impulse opportunity
- Intuit, Buy now pay later surges throughout pandemic, consumers’ credit takes a hit
- Statista, Markets
- Grand View Research, Buy Now Pay Later Market Analysis
- Similarweb, The Rise of BNPL
- Research and Markets, Europe Buy Now Pay Later Business and Investment Opportunities Databook
- Federal Reserve Bank of New York, Who Uses “Buy Now, Pay Later?”
- Adobe, News
- Builtwith, Trends
- eMarketer, Insights
- Federal Reserve Board, Economic Well-Being of U.S. Households in 2024
- Afterpay, Help Centre
- LendingTree, Research & Statistics
- Empower, Buy Now, Pay Later Statistics