Find out what consumers think about Buy Now, Pay Later, the full-on cultural phenomenon.
Key Takeaways from this Report
- Klarna is growing at a faster pace than other BNPL players, increasing to 14.6x its January 2020 volume as of July 2021. This growth comes at the expense of market leader AfterPay, which has been decreasing in its share of payment volume captured.
- Comparing per-user value for all brands, average BNPL frequency per user has maintained while spend per user has increased. Quadpay and Affirm lead the pack in value derived per user, perhaps in thanks to their partnerships with mainstream travel providers.
- Consumers with different demographic and psychographic profiles have different expectations and behaviors towards BNPL. Three distinct customer personas have emerged: The Convenience Seekers, The Debt Avoiders, and the Novelty Lovers.
- Comparing across the customer personas, Convenience Seekers and Debt Avoiders are more likely to be satisfied with their BNPL experience and look for additional ways to use the service. Novelty Lovers are more hesitant about continuing to use BNPL and expressed that the service is not very important to their shopping experience.
About this Report
Drop for Business reports are created through aggregate transaction data and/or in-depth surveys. Learn more about Consumer Insights and Investment Solutions from Drop for Business.
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