Why this market is moving now
- BNPL use among US adults reached 16% in 2025, per the Federal Reserve.
- Affirm's GMV grew about 37% in fiscal 2026 to $50.2 billion.
- Klarna says its US volume grew 27% year over year in Q2 2026.
- The CFPB published its credit-record study of six large BNPL firms in January 2025.
Key figures
Each figure names the source it came from. Open the source list below to read the quoted line.
| Figure | Value | Year | Source |
|---|---|---|---|
| BNPL use rose 1 percentage point to 16% of all US adults in 2025. | 16 % of adults | 2025 | Board of Governors of the Federal Reserve System |
| 11% of US BNPL users had a payment trigger an overdraft or non-sufficient funds fee from their bank in the prior year. | 11 % of BNPL users | 2025 | Board of Governors of the Federal Reserve System |
| In the 2024 survey, 15% of people used BNPL in the prior 12 months, up from 14% in 2023 and 10% in 2021. | 15 % of adults | 2024 | Board of Governors of the Federal Reserve System |
| Affirm's gross merchandise volume (GMV) was $50.2 billion in the fiscal year ended 30 June 2026, up about 37% year over year. | 50.2 billion USD GMV | 2026 | Affirm Holdings, Inc. |
| Affirm had about 27.8 million active consumers at 30 June 2026, up from 23.0 million a year earlier and 18.7 million in 2024. | 27.8 million active consumers | 2026 | Affirm Holdings, Inc. |
| Affirm's total revenue, net was $4.26 billion in fiscal 2026, compared with $3.22 billion in fiscal 2025 and $2.32 billion in fiscal 2024. | 4.26 billion USD revenue | 2026 | Affirm Holdings, Inc. |
| Affirm had approximately 571 thousand active merchants at 30 June 2026. | 571 thousand active merchants | 2026 | Affirm Holdings, Inc. |
| Interest-bearing installment loans were 70% of Affirm's GMV in fiscal 2026, down from 74% in fiscal 2024. | 70 % of GMV | 2026 | Affirm Holdings, Inc. |
| Klarna's global GMV was $36.6 billion in Q2 2026, up 18% year over year, with US GMV up 27%. | 36.6 billion USD GMV (global) | 2026 | Klarna Group plc |
| Klarna reported 120 million active consumers worldwide in the 12 months to Q2 2026. | 120 million active consumers (global) | 2026 | Klarna Group plc |
| The CFPB's January 2025 study of pay-in-four loans used credit records matched to six large BNPL firms: Affirm, Afterpay, Klarna, PayPal, Sezzle and Zip. | 6 BNPL firms in CFPB study | 2025 | Consumer Financial Protection Bureau |
Sources and method
The figures on this page come from the public sources listed below. Read how we work.
- Board of Governors of the Federal Reserve System: Report on the Economic Well-Being of U.S. Households in 2025 - Executive Summary (May 2026) (2026-05)
Quoted lines
- Figure 1
Buy Now, Pay Later (BNPL) use edged up 1 percentage point to 16 percent of all adults.
- Figure 2
Eleven percent of BNPL users had a payment trigger an overdraft or non-sufficient funds (NSF) fee from their bank in the prior year.
- Figure 1
- Board of Governors of the Federal Reserve System: Report on the Economic Well-Being of U.S. Households in 2024 - May 2025 - Banking and Credit (2025-05)
Quoted lines
- Figure 3
Fifteen percent of people used BNPL in the prior 12 months, up from 14 percent in 2023 and 10 percent in 2021
- Figure 3
- Affirm Holdings, Inc.: Annual Report on Form 10-K for the fiscal year ended June 30, 2026 (2026-08-27)
Quoted lines
- Figure 4
For the year ended June 30, 2026, GMV was $50.2 billion, which represented an increase of approximately 37%
- Figure 5
As of June 30, 2026, we had approximately 27.8 million active consumers
- Figure 6
Total revenue, net $ 4,261,082 $ 3,224,412 $ 2,322,999
- Figure 7
As of June 30, 2026, we had approximately 571 thousand active merchants
- Figure 8
Interest-bearing installment loans represented 70%, 72%, and 74% of total GMV for the years ended June 30, 2026, 2025, and 2024, respectively.
- Figure 4
- Klarna Group plc: Klarna Reports Second Quarter 2026 Results (2026-08-18)
Quoted lines
- Figure 9
GMV: $36.6 billion (+18% YoY; U.S. +27% YoY)
- Figure 10
Active consumers: 120 million (+8% YoY)
- Figure 9
- Consumer Financial Protection Bureau: Consumer Use of Buy Now, Pay Later and Other Unsecured Debt (2025-01-13)
Quoted lines
- Figure 11
from six large BNPL firms (Affirm, Afterpay, Klarna, PayPal, Sezzle, and Zip)
- Figure 11
Companies to watch
Affirm
US BNPL lender with $50.2 billion of GMV and 27.8 million active consumers in fiscal 2026.
Klarna
BNPL provider listed on the NYSE (ticker KLAR); reported $36.6 billion of global GMV in Q2 2026.
Afterpay (Block)
One of the six BNPL firms in the CFPB's January 2025 study.
PayPal
One of the six BNPL firms in the CFPB's January 2025 study.
Sezzle
One of the six BNPL firms in the CFPB's January 2025 study.
Zip
One of the six BNPL firms in the CFPB's January 2025 study.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the United States market - 03Market size, 2021 to 2025
Historical series and growth rates - 04Outlook to 2031
Base, low and high scenarios with stated assumptions - 05Rules, policy and deadlines
Regulation and programmes that change demand - 06Drivers and barriers
What accelerates or slows adoption, by customer segment - 07Prices, costs and margins
Unit economics where public data allows - 08Competitive landscape
8 to 12 company profiles with recent moves - 09Opportunities and risks
For new entrants, suppliers and investors - 10Method and sources
Every assumption and source, listed
Included with the full report
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- Method note and assumptions
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Frequently asked questions
How many Americans use buy now, pay later?
The Federal Reserve's May 2026 report found 16% of US adults used BNPL in 2025, up 1 point from 2024. It was 15% in the prior survey and 10% in 2021.
How big is Affirm?
Affirm's 10-K for the fiscal year ended 30 June 2026 reports $50.2 billion of GMV, 27.8 million active consumers and $4.26 billion of revenue.
How big is Klarna?
Klarna reported global GMV of $36.6 billion in Q2 2026, up 18%, with US GMV up 27%, and 120 million active consumers worldwide.
Do BNPL users pay overdraft fees?
The Federal Reserve says 11% of BNPL users had a payment trigger an overdraft or non-sufficient funds fee from their bank in the prior year.
What did the CFPB find about BNPL?
In January 2025 the CFPB published a study of pay-in-four loans using credit records matched to six large BNPL firms. It said BNPL has grown rapidly in the US since 2019.
Which BNPL products make up most of Affirm's volume?
Interest-bearing installment loans were 70% of Affirm's GMV in fiscal 2026, according to its 10-K.
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