US buy now, pay later (BNPL) payment value will grow at a 14.8% annual rate from 2023 through 2027—a far cry from explosive historical growth. To outflank emerging competitors, BNPL fintechs will need to develop their digital wallet ecosystems, launch cross-generational marketing campaigns, and tout their higher-income users to retailer partners.

Key Question: How can BNPL fintechs grow US BNPL user and payment value in an increasingly competitive environment?

KEY STAT: By the end of 2027, Klarna will handily lead Affirm, Afterpay, and Zip on annual payment value. All four will need to diversify their products and harness demographic trends to actualize growth.