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.
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?
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
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?
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