Buy now, pay later (BNPL) usage is growing fast in the UK so we carried out some research to see if buy now, pay later providers are disrupting the credit card industry and how we pay for products. Here are the latest BNPL statistics.
BNPL statistics: Highlights
- As of 2024, half of UK adults (50%) have used BNPL services at some point, approximately 26.4 million people. This is up from 36% at the start of 2023.
- 38% of Brits used BNPL services in the year to January 2024, and 14% used it for the first time in this period.
- In 2022, around 360 million people globally used BNPL services.
- Over half of people who used BNPL in 2023 paid a late fee (53%), an estimated 10.6 million people.
- The UK BNPL market is forecast to grow from £22.6 billion ($28.7 billion) in 2022 to £44.8 billion ($56.8 billion) by 2028.
- 38% of Brits have not used BNPL and do not intend to use it in the future.
How many people use buy now, pay later in the UK?
According to our 2024 survey, around half of UK adults (50%) have used BNPL at some point, which equates to around 26.4 million people. This number is up from an estimated 19.1 million (36%) at the start of 2023.
38% of Brits had used BNPL in the 12 months leading to January 2024, and 14% of Brits had used BNPL services for the first time in this period.
Interestingly, the research also found that 38% of Brits have not used BNPL and do not intend to use it in the future.
| I have used BNPL |
49.70% |
| I have not used BNPL and do not intend to use it |
38.19% |
| I have not used BNPL but I intend to use it |
1.79% |
| I have not used BNPL and am unsure about future use |
10.32% |
Buy now, pay later is popular with gen Z and millenials
Our research shows that BNPL is most popular with millennials and generation Z. Almost 7 in 10 people from these groups have used buy now, pay later services at some point, 69% for millennials (aged 24-42) and 68% of generation Z (aged 18-23).
It is also popular with generation X (aged 43-54), as more than half of this group (52%) has used it before. BNPL is less popular among the older generations, with 3 in 10 baby boomers (31%) and less than 1 in 10 from the silent generation (9%) admitting to using it.
| Generation Z |
68% |
| Millenials |
69% |
| Generation X |
52% |
| Baby boomers |
31% |
| Silent generation |
9% |
Adoption of BNPL among different age groups
The highest percentage of new BNPL users can be seen among 25- to 34-year-olds, as almost a quarter (23%) of this age group have used this service in the 12 months to January 2024. Interestingly, around 1 in 5 of those in the youngest age group, aged 18-24, had used BNPL services at an earlier point but not in the past year. This is the only age group with fewer new users than past users.
| 18-24 |
32.08% |
17.45% |
19.34% |
| 25-34 |
34.62% |
23.08% |
13.91% |
| 35-44 |
33.23% |
19.34% |
12.99% |
| 45-54 |
21.99% |
17.89% |
9.68% |
| 55+ |
12.50% |
6.38% |
9.57% |
How many BNPL users pay late fees?
Many BNPL providers have introduced late repayment fees, including Klarna, which began charging them in March 2023.
Our survey found that in the last 12 months, more than half (53%) of those who had used BNPL had been charged fees, with average fees per person adding up to £23.50.
This means an estimated 10.6 million Brits could have paid late fees in the last 12 months, shelling out an eye-watering total of almost £250 million.
How popular is BNPL in different UK regions?
The use of buy now, pay later is highest in London, where 58% of residents have used it at some point, and lowest in the North East, where 44% of residents have used it at some point. Aside from this, there is not too much regional variation when it comes to BNPL usage.
| Greater London |
58.7% |
| Northern Ireland |
55.6% |
| West Midlands |
54.8% |
| South West |
53.4% |
| Scotland |
48.3% |
| North West |
48.0% |
| Wales |
47.9% |
| East of England |
47.5% |
| East Midlands |
45.9% |
| Yorkshire and the Humber |
45.4% |
| South East |
45.0% |
| North East |
43.8% |
Buy now, pay later market size in the UK
The UK buy now, pay later market is forecast to grow from £22.6 billion ($28.7 billion) in 2022 to £44.8 billion ($56.8 billion) by 2028, with an annual growth rate of 10.9%.
Why do shoppers use buy now, pay later services?
We also analysed the main reasons shoppers are using buy now, pay later services. Our data from a previous survey in 2020 shows that the main reason that people are using BNPL is because of its ease and convenience (44%). The ability to spread costs over time is the next most popular reason (41%), followed by interest-free payments (39%) and the ability to pay for purchases that individuals couldn’t afford otherwise (30%).
| They're easy and convenient |
44% |
| I can spread costs over a longer
period of time |
31% |
| To access interest-free payments |
39% |
| To pay for purchases I couldn't
otherwise afford |
30% |
| To try on items that are delivered to me
before I am charged for them |
28% |
| I don’t want to use or take out a
credit card right now |
27% |
- Finder commissioned Censuswide in January 2024 to carry out a nationally representative survey of adults aged 18+. A total of 2,006 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
- Markets and Research
- The reasons for using BNPL are from a previous survey commissioned by OnePoll in July 2020. A total of 2,000 people were questioned throughout the UK, with representative quotas for gender, age and region.
Matt MckennaUK communications manager
T: +44 20 8191 8806
