BNPL Use Surges in US amid Economic Anxiety, Over Half Americans Adopt
BNPL Use Surges in US amid Economic Anxiety, Over Half Americans Adopt

BNPL Use Surges in US amid Economic Anxiety, Over Half Americans Adopt

News summary

Buy now, pay later (BNPL) services are rapidly gaining traction both in the UK and the United States, fueled by consumers' desire for flexible payment options amid economic uncertainties. In the UK, BNPL has grown from under 1% of online spending in 2014 to 7% in 2024, with projections estimating £33 billion in online spend via BNPL by 2030, reflecting a shift towards digital payment solutions. Similarly, in the U.S., over half of Americans use BNPL, with younger generations like Gen Z and Millennials leading usage, often for medium to large purchases as well as groceries. The merger of Afterpay and Cash App into Cash App Afterpay aims to expand BNPL accessibility, leveraging Cash App's large user base to accelerate growth in the U.S. market. However, experts caution that while BNPL can aid budget management without credit checks or interest, its rising popularity may also signal financial stress among consumers. Additionally, new regulations, such as those taking effect in Pennsylvania, could impact how BNPL usage affects consumers' credit scores.

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