21 Buy Now, Pay Later Statistics 2024 (Global Data)

BNPL provides users with greater control over their spending. Millennials and GenZ view it as a more flexible way to purchase products beyond their reach. 

21% of people use the BNPL payment option to purchase groceries, and the statistics revolving around BNPL show a significant increase in people opting for the service. In addition, various Buy Now Pay Later services have made their way into the market. 

Top BNPL Statistics 2024

  • As of 2024, there are over 360 million BNPL users worldwide.
  • BNPL users are estimated to grow by 157% and reach 900 million globally by 2027. 
  • The global Buy Now Pay Later market is predicted to reach $80.77 billion in 2024. 
  • PayPal Credit is the most popular BNPL app, with 57% of consumers using it.
  • 18% of BNPL users in the US tend to miss payments.
  • BNPL is the 5th most used method of payment on e-commerce sites.
  • 46% of consumers use BNPL to purchase fashion accessories like clothes, shoes, and jewelry. 

BNPL Users

The number of BNPL users has increased rapidly worldwide and in the US over the past years. The predictions display that this number will increase further in upcoming years. 

However, the growth rate of BNPL users in the United States is forecasted to decline for the third successive year. 

There Are Over 360 Million BNPL Users Worldwide

A study conducted in 2022 revealed that over 360 million people worldwide used the BNPL payments option. 

Further, the Buy Now Pay Later users are expected to grow by 157% and reach 900 million global users by 2027. 

Juniper Research states that the economic downturn will drive the growth of BNPL users worldwide. Low-cost credit solutions are expected to become more prevalent in the upcoming year as they are a more accessible alternative to credit cards. 

360 Million BNPL Users Worldwide

Source: Juniper Research

United States Is Expected To Cross 94 Million In 2024

The number of BNPL users in the US was 88.2 million back in 2023 and is forecasted to reach 94.4 million by the end of 2024. This will be a 7.1% YoY growth from 2023. 

These users are expected to purchase $81 billion worth of goods and services with BNPL this year.

In addition, by the end of 2026, the number of BNPL users in the United States will reach 105 million.

One of the major reasons for this increase is the flexibility offered by the BNPL option and the increasing awareness among the people in the country. 

The following table displays the number of BNPL users recorded in the United States over the years.

YearNumber of US BNPL usersPercentage change in users

Source: Insider Intelligence

Buy Now Pay Later Market Size

Let’s uncover the latest predictions and figures about the global and American BNPL market in this section. 

BNPL Market Size Worldwide Is Predicted To Reach $80.77 Billion in 2024

In 2023, the BNPL market was worth $71.93 billion and is forecasted to reach $80.77 billion in 2024. 

Besides, 5% of all online purchases were recorded through BNPL in 2022. These purchases are estimated to rise to 7% by 2026. 

BNPL Market Size Worldwide

The following table includes the details about the BNPL market size recorded over the years. 

YearBNPL Market Size
2023$71.93 billion
2024*$80.77 billion
2025*$97.25 billion
2026*$111.55 billion
2027*$124.82 billion

Source: Oberlo

US BNPL’s Market Size Is Predicted To Reach $9.20 Billion In 2030

The Buy Now Pay Later market in the United States was valued at $1.64 billion in 2022 and is expected to grow at a CAGR of 24.3% between the forecast period of 2023 to 2030.

One of the major drivers of the BNPL market in the United States is the convenience consumers get. Other drivers of the market are changing consumer preferences. 

Moreover, Millennials and GenZs prefer alternative payment options that align with their financial habits and preferences. 

Source: Grand View Research

BNPL Usage Stats

BNPL is widely used for online purchases worldwide and holds a 5% market share in e-commerce transactions. Furthermore, BNPL is the most preferred payment method for online shopping in Europe. 

BNPL Is The 5th Most Used Method Of Payment On E-commerce Sites

According to the forecasts, BNPL is predicted to remain the 5th most used payment method on e-commerce sites in 2026 as well. However, its usage is anticipated to increase by 1% by then. 

Market share of payment methods used for e-commerce transactions

Here are further details about the market share of payment methods used for e-commerce transactions. 

Payment method used for e-commerce transactionsMarket share in 2022Market share in 2026
Digital wallet49%54%
Credit card20%16%
Debit card12%10%
Account-to-account (A2A)9%10%
Buy now, pay later (BNPL)5%6%
Other – incl. cryptocurrency, prepaid, PostPay2%2%
Cash on delivery2%1%

Source: Statista.

BNPL Had The Usage Share Of 10% In The European E-commerce Market In 2022

This was the highest compared to other regions of the world. Conversely, the Buy Now Pay Later option is used least in Latin America. 

BNPL usage is more dominant in regions with greater e-commerce penetration, inefficient banking systems, higher inflation, and looser financial and consumer protection regulations.

The following table displays the share of the Buy Now Pay Later payment option in the e-commerce transactions of different regions worldwide. 

RegionMarket share of the BNPL payment method in e-commerce transactions as of 2022
North America5%
Middle East and Africa2%
Latin America1%

Source: Statista. 

BNPL Demographics

According to the figures obtained about BNPL demographics, the payment option is mostly preferred by Black women between 25 and 44 years. 

42% Of US Adults Aged 18 To 24 Use The Buy Now Pay Later Payments Option

Unsurprisingly, over 4 in 10 US adults between 18 and 24 use the BNPL option. GenZs are more updated about the alternative payment options available for purchases. They choose the payment options that better suit their finances and savings. 

However, the highest usage of the BNPL payment option can be witnessed among users aged 25 to 44 years. This group mainly comprises Millenials, who have major responsibilities and financial stress.

Percentage Of BNPL Users Among Different Age Groups

The following table displays details about the usage of the BNPL payment option recorded among different age groups between 2020 and 2023.

Age groupPercentage of people using BNPL 
18 to 24 years42%
25 to 34 years50%
35 to 44 years50%
45 to 54 years33%
55 years and older19%

Source: Statista

29% Of Women Have Used BNPL Over The Last 12 Months

BNPL is most popular among women. 11% of Women reported using BNPL over 5 times for online shopping over the last 12 months.

Comparatively, 26% of the men have used BNPL over the last 12 months, and just 9% have used it more than 5 times. 

Besides, 58% of the women use BNPL to purchase clothes and other fashion products online, while 58% of men have used it to purchase electronics and media products. 

The following table provides details about the share of online shoppers that have used BNPL over the last 12 months.

BNPL UsagePercentage of female usersPercentage of male users
More than 5 times11%9%
1 to 5 times18%17%
Not used but will use it this year28%26%
Not used and do not want to use it43%48%

Source: ECDB

Black Consumers Are 63% More Likely To Use BNPL Than White Consumers

Among different racial groups, Black and Hispanic consumers are more likely to use the Buy Now Pay Later option. 

People with low incomes, lower credit scores, and unmet credit needs make up a significant share of all BNPL users.

The following table provides further details on the usage of BNPL by different ethnicities.

Race/ EthnicityPercentage of BNPL users
White 16%
Black 26%

Source: Forbes, CFPB

General BNPL Statistics

This section brings into the limelight the general facts related to BNPL usage and adoption rates. 

Paypal Credit Is The Most Popular BNPL App, With 57% Of Consumers Using It

Afterpay and Affirm follow PayPal credit, with nearly 30% of consumers preferring them. 

Consumers have various options when talking about buy now, pay later services. They can choose from PayPal Credit, Afterpay, ZipPay, and more.

Users can now use the BNPL option for travel-related purchases like flights, cruises, and vacation packages with the help of apps like Uplift. 

Popularity Of BNPL Apps

The following table displays the popularity of BNPL apps.

BNPL AppPercentage of consumers that use it
PayPal Credit57%
Zip (Zip Pay)19%

Source: C+R Research. 

46% Of The People Used BNPL Due To The Convenience It Offers

BNPL offers instant approval with looser lending restrictions than credit cards. The BNPL services only have a soft credit check that does not impact the credit rating.

Additionally, the buy now pay later option provides users with low or interest-free rates, making it more convenient for usage. 

Top Reasons People Prefer BNPL

Here are the top reasons people prefer to use BNPL over other payment options:

  • Convenience/ease of use: 46%
  • Flexibility on budgeting: 44%
  • Zero interest: 41%
  • Flexibility on repayments: 40%

Source: Statista, GoCardless

18% Of BNPL Users In The US Tend To Miss Payments

24% of US adults saw a decline in credit scores due to late BNPL payments. This figure was just 19% in April 2022. 

However, the share of Buy Now, Pay Later users who fell behind by one or two payments has remained stable at around 18% over the past two years. 

Debt is the major reason 1 in 5 people in the United States miss their BNPL payments. 

In The Us, 18% Of BNPL Users Frequently Miss Payments

Source: Statista

Nearly 40% Of The Consumers In Australia Has Used BNPL Payment Option

Australia And Sweden Have The Highest BNPL Adoption Rates.

The popularity of BNPL varies greatly worldwide. However, Australia has been ahead in its usage over the past years. Even in 2021, 9 in 10 consumers were aware of BNPL in the country, while 2 in 5 have used it. 

Other countries with significant BNPL adoption rates are China, Finland,  Germany, the Netherlands, New Zealand, Norway, Singapore, the United Kingdom, and the United States.

Source: BIS, RFIGlobal

BNPL Trends And Forecast Stats

Currently, clothing is the most popular BNPL purchase, followed by home decor (furniture and appliances) and electronic devices. The usage of BNPL for these purchases is forecasted to increase further. Hence, the global value of BNPL transactions is anticipated to cross $500 billion in the upcoming years. 

The Global Transaction Value Of BNPL In E-commerce Is Forecasted To Reach $565.8 Billion In Volume By 2026

The transaction volume of Buy Now Pay Later was $309.2 billion in 2023 and is predicted to reach $386 billion in 2024. This is an approximate increase of 77 billion in transaction volume compared to 2023. 

Further, 2023 witnessed an increase of nearly 96 billion in the transaction volume of BNPL compared to the previous year. 

The following table displays further details about the global transaction volume of BNPL in e-commerce over the years. 

YearTransaction Volume of BNPL in e-commerce
2026*$565.8 billion
2025*$481 billion
2024*$386 billion
2023$309.2 billion
2022$214 billion
2021$120 billion
2020$60 billion
2019$34 billion

Source: Statista.

46% Of Consumers Use BNPL For Purchasing Fashion Accessories Like Clothes, Shoes, And Jewelry

Almost half of consumers prefer the Buy Now Pay Later option for purchasing fashion apparel. This option enables consumers to purchase luxury goods, designer handbags, and more, which they cannot usually afford. Hence, most women prefer buying clothes and fashion accessories using BNPL. 

Meanwhile, one-third of the people use the BNPL option to purchase home decor, furniture, or appliances. 

Just 1 in 10 people prefer BNPL for travel purchases, while 3 in 10 use it for purchasing technology devices. 

Percentage Of Consumers Purchasing  Items With  BNPL

Here are further details about the percentage of consumers who purchased different items with the help of BNPL.

Goods purchased with the help of BNPLPercentage of consumers
Clothing, shoes, accessories46%
Home decor, furniture, or appliances34%
Technology devices27%
Beauty and hair products 26%
Events like concerts, sports games, and more18%
Sporting and fitness equipment16%
Dining out 13%
Travel 11%

Source: Lending Tree

BNPL is one of the most convenient ways to shop online, as it enables users to purchase items and pay in installments at very low interest rates. 

Hence, as a result, the number of BNPL users has already crossed 360 million and is expected to surpass 900 million within the next four years. 

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