BNPL continues to disrupt the payments landscape with consumers showing an insatiable appetite for convenient and seamless payment options at the checkout. 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 pureplay BNPL providers like Afterpay and Klarna are paving the way 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.
Recent RFI Global Research reveals that; satisfaction for BNPL usage in-store is significantly less at 55%, contrasting with the overall satisfaction for online BNPL transactions standing at 72%. Access to a physical card could encourage higher usage of BNPL for offline payments.
Our Global Head of Consumer Credit Deposits and Payments, Kate Wilson, states: “A physical card would enable providers to overcome key pain points and barriers to BNPL adoption in-store, helping to create a seamless experience at the point of sale and keeping BNPL top of mind for consumers shopping in-store.”
Data from our Global BNPL Tracker shows that – in the UK, Klarna leads in consumer awareness and usage. Across the US and Australia, Afterpay/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?
RFI Global has tracked BNPL brands, awareness and usage since inception. In our latest infographic, we’re sharing fresh insights.
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 brands ranking the highest for usage globally and key barriers to usage, download our latest infographic.