BNPL Users Embrace Multiple Providers as Competition Tightens

Buy now, pay later is evolving from a single-provider relationship into a financial toolkit for U.S. consumers. PYMNTS Intelligence said shoppers increasingly compare BNPL services by loan size, repayment period, interest rate, fees and merchant availability. That flexibility gives borrowers more control over cash flow, but fragmented accounts can leave lenders with an incomplete view of customers’ obligations while increasing underwriting, identity-theft and application-fraud risks.

A PYMNTS report published July 20, 2026, drawing on 10 surveys of U.S. adults between April 2025 and May 2026, found that 74% of BNPL users had used at least two providers in the previous three months as of May, up from 68% in April 2025. Some 49% used two or three providers and 25% used four or more. Affirm led with 45% usage, followed by Klarna and PayPal Pay Later at 44% each and Afterpay at 42%. The report disclosed no aggregate transaction or loan amount.