Buy Now, Pay Later (BNPL) awareness and usage continue to grow globally among consumers, with merchants also reaping the benefits of BNPL adoption. But who are the top BNPL brands?
Global and major BNPL player Klarna has grown exponentially in the last two years, forging the path for more alternative payment methods and introducing consumer-friendly ways to shop, pay and spend. In February, Klarna made shockwaves across the payments industry as they announced a physical BNPL card for in-store purchases.
RFI Global has tracked BNPL brands, awareness and usage since inception. In our latest infographic, we’re sharing fresh insights. Data from our global BNPL tracker shows that in the UK, Klarna leads consumer awareness and usage. Across the US, Clearpay is a firm favourite at checkout. When we observe the top 3 brands in the US, Affirm and Paypal Pay in 4 also rank high. But, how do other BNPL providers fare in Asia, Europe and Australia? Can new entrants still make their mark?
In our 2022 top 5 banking predictions, our Global Head of Consumer Credit Deposits and Payments, Kate Wilson stated, “whilst consumers are feeling the immediate advantage of BNPL usage, merchants will also soon realise the benefits of acceptance. Small businesses, in particular, will increasingly regard BNPL as a solution to their cash flow constraints.”
There’s no doubt that the last 12 months have been immense for BNPL providers, with consumers fuelled by the pandemic, showing an insatiable appetite for online purchasing and convenient and seamless payment options at the checkout.
As interest in BNPL continues to rise, RFI Global will be delving into the BNPL landscape, sharing a comprehensive Global outlook, followed by detailed research into regions such as Australia, Asia and Canada.
To learn more about barriers to adoption and brands ranking the highest in BNPL download our latest infographic.
