by the five lenders surveyed grew by 970 percent, from 16.8 to 180 million, while the dollar volume of those originations (commonly referred to as Gross Merchandise Volume, or GMV) grew by 1,092 percent, from $2 billion to $24.2 billion. From 2019 to 2021, the number of BNPL loans originated in the U.S. The BNPL industry is in the midst of rapid growth. There are three things you need to know: #1: BNPL is big and growing bigger.Īs the CFPB notes, the last three years have seen a boom in pay-in-4 BNPL: So, what’s the current state of BNPL in the U.S.? – Affirm, Afterpay, Klarna, PayPal, and Zip/Quadpay – which were all required to answer a “detailed set of qualitative and quantitative questions” posed to them by the CFPB. It points out the good, the bad, and the weird of BNPL and it was assembled with heavy input from the BNPL industry, especially five of the largest BNPL providers in the U.S. It contains a wealth of interesting insights. The report, which focuses exclusively on the pay-in-4 variety of BNPL (which is the most novel and popular form of BNPL in the market today), is the most comprehensive analysis ever done on the U.S.
To do that, I’ll be drawing from a recent research report that the CFPB published on the U.S.
I want to start with a quick level set on where we are right now with BNPL. I completely understand where you are coming from.īut give me a chance to explain my perspective! The Current State of BNPL in the U.S. I know! I hear you, BNPL fans! I hear you. Unpredictable?!? WTF? Our product is vastly more predictable and transparent and safe to use than credit cards. Now, let’s pause here and cup a hand around our ear and listen for the indignant objections of all those who work for or invest in BNPL providers … it should just be a sec …
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