US Buy Now, Pay Later Forecast 2024

Spend per User Keeps Rising Despite Slowing User Growth in a Maturing Industry

Report by Grace Broadbent  | UPDATED: Oct 31, 2024
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Executive Summary
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Table of Contents
Executive Summary
As the BNPL industry matures, user and payment value growths are decelerating
Gen Z still leads BNPL user growth, but providers shouldn’t count out other generations
Despite user saturation, spend per user isn’t slowing down
The popularity of card-linked installments is slowing overall BNPL payment value growth
What will BNPL providers do next to sustain growth?
Sources
Media Gallery
About This Report
US buy now, pay later (BNPL) payment value will reach $94.29 billion in 2024. As the industry matures, user growth is becoming limited—forcing BNPL fintechs to find new avenues for growth.
Topics
Financial Services
Payments
Retail Sales
US
Table of Contents
Executive Summary
As the BNPL industry matures, user and payment value growths are decelerating
Gen Z still leads BNPL user growth, but providers shouldn’t count out other generations
Despite user saturation, spend per user isn’t slowing down
The popularity of card-linked installments is slowing overall BNPL payment value growth
What will BNPL providers do next to sustain growth?
Sources
Media Gallery

The US buy now, pay later (BNPL) industry’s high-growth days are over. Both the number of BNPL users and overall payment value will continue to grow, but at a sharply lower rate from years past. With the payment value expected to cross the $100 billion mark next year, BNPL fintechs will need to rely on new avenues to keep up their current momentum.

Key Question: What factors are influencing the growth trajectory for US BNPL payment value and usage?

US Buy Now, Pay Later (BNPL) Service Users, 2021-2028 (millions and % change)
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Key Stat: The number of US BNPL service users will grow just 6.9% in 2024, leaving behind its double-digit growth days.

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Table of Contents

  1. Executive Summary
  2. As the BNPL industry matures, user and payment value growths are decelerating
  3. Gen Z still leads BNPL user growth, but providers shouldn’t count out other generations
  1. Despite user saturation, spend per user isn’t slowing down
  2. The popularity of card-linked installments is slowing overall BNPL payment value growth
  3. What will BNPL providers do next to sustain growth?
  1. Sources
  2. Media Gallery

Charts in This Report

US Buy Now, Pay Later (BNPL) Service Users, 2021-2028 (millions and % change)US Buy Now, Pay Later (BNPL) Service Users, by Generation, 2024-2028 (% of population)
US Buy Now, Pay Later (BNPL) Payment Spending, per User, 2021-2028US Buy Now, Pay Later (BNPL) Payment Value, 2021-2028 (billions and % change)

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First Published on Oct 10, 2024

authors

Grace Broadbent

Contributors

Suzy Davidkhanian
VP, Content
Vladimir de Leon
Chart Editor
Chris Keating
Director, Research
Madan Kumar
Copy Editor
David Morris
Principal Analyst
Emman Velasco
Chart Editor
Julia Woolever
Antonella Yannelli