Description
Countries Covered: USA, Canada.
Pages: 53
Publication Date: 27\06\2023
Questions Covered in the Report:
- What was the size of the U.S. BNPL market in 2022 and how is it projected to grow through 2026?
- How is the number of BNPL users in the U.S. projected to develop until 2026?
- What is the attitude of online shoppers who are affected by the inflation towards using BNPL services?
- Which product categories were the most popular for purchases made using BNPL in the U.S. in 2022?
- Who are the most prominent BNPL providers in the U.S.?
Key Findings:
In the U.S., BNPL use is shifting towards smaller purchases: new yStats.com report.
While the value of BNPL payments continues to grow, the growth rate is projected to significantly drop
The BNPL payment value in the U.S. nearly doubled between 2021 and 2022. However, during the same period, the annual growth rate declined from triple digits to double digits. According to a survey cited in the yStats.com report, the percentage of respondents currently using BNPL in the U.S. decreased by a single-digit percentage from 2021 to 2022. Furthermore, the number of BNPL users in the country is expected to experience a similar trend, with the growth rate of users declining significantly by 2026. On the other hand, the share of internet users utilizing BNPL in the U.S. is projected to more than triple from 2021 to 2026.
Trust in BNPL providers to provide a secure payment environment ranks low
According to the new yStats.com publication, approximately 9 out of 10 respondents in the U.S. expressed trust in their primary banks to provide a secure environment for payments and purchases. In contrast, only around 3 out of 10 respondents stated trust in BNPL providers. Consequently, it is not surprising that BNPL ranked last among payment methods used at least 5 times per month in North America, with a low single-digit percentage. Similarly, BNPL ranked last among payment methods used for online purchases by current Apple customers in the U.S. Additionally, the annual revenue growth from BNPL experienced a significant decrease, shifting from a positive mid-range percentage in 2022 to a negative percentage in January-February 2023. However, the share of online purchases paid for using BNPL decreased but remained positive. These findings indicate that U.S. consumers are shifting their BNPL usage from financing larger purchases to smaller ones.
