How big is the BNPL market?
Online BNPL spending grew from $2.2 billion in 2014 to $342 billion in 2024, according to Worldpay's Global Payments Report (Worldpay, 2025). In the US, BNPL usage hit an all-time high in the 2024 holiday season, contributing $18.2 billion in online spend, up 9.6% year-over-year (Adobe, 2025).
This data point is critical for Shopify store owners planning their strategy in 2026. Understanding these benchmarks helps you set realistic targets, identify optimization opportunities, and measure your performance against industry standards.
Stores that actively monitor and optimize against these benchmarks consistently outperform those that operate without data-driven targets. Use tools like EA Bundles & Quantity Breaks and EA Free Shipping Bar & Upsell to improve your key metrics against these benchmarks.
Does BNPL increase average order value?
Yes, dramatically. Customers feel more comfortable purchasing higher-priced items when payments are spread over time. Shopify reports a 50% increase in average order value for one in four merchants using Shop Pay Installments (Shopify, 2026).
This data point is critical for Shopify store owners planning their strategy in 2026. Understanding these benchmarks helps you set realistic targets, identify optimization opportunities, and measure your performance against industry standards.
Stores that actively monitor and optimize against these benchmarks consistently outperform those that operate without data-driven targets. Use tools like EA Bundles & Quantity Breaks and EA Free Shipping Bar & Upsell to improve your key metrics against these benchmarks.
What demographics use BNPL most?
As of fall 2023, 14 percent of US adults had used BNPL in the prior 12 months, up from 12 percent in 2022 and 10 percent in 2021 (Federal Reserve, 2024). Use edged up 1 percentage point to 15 percent in 2024, while the share of BNPL users paying late increased sharply (Federal Reserve, 2025).
This data point is critical for Shopify store owners planning their strategy in 2026. Understanding these benchmarks helps you set realistic targets, identify optimization opportunities, and measure your performance against industry standards.
Stores that actively monitor and optimize against these benchmarks consistently outperform those that operate without data-driven targets. Use tools like EA Bundles & Quantity Breaks and EA Free Shipping Bar & Upsell to improve your key metrics against these benchmarks.
Which BNPL providers work with Shopify?
Shopify supports Shop Pay Installments (built-in), Affirm, Klarna, Afterpay (now part of Block/Square), Sezzle, and PayPal Pay in 4. Shop Pay Installments has the highest approval rates on Shopify stores. Klarna and Affirm offer the most payment flexibility with terms up to 36 months.
This data point is critical for Shopify store owners planning their strategy in 2026. Understanding these benchmarks helps you set realistic targets, identify optimization opportunities, and measure your performance against industry standards.
Stores that actively monitor and optimize against these benchmarks consistently outperform those that operate without data-driven targets. Use tools like EA Bundles & Quantity Breaks and EA Free Shipping Bar & Upsell to improve your key metrics against these benchmarks.
What is the default rate for BNPL?
In 2023, 1.83 percent of BNPL loans at six large US lenders were charged off, down from 2.63 percent in 2022, and 4.1 percent of loans were assessed a late fee (CFPB, 2025). Merchants bear no default risk as BNPL providers absorb losses and pay merchants upfront.
This data point is critical for Shopify store owners planning their strategy in 2026. Understanding these benchmarks helps you set realistic targets, identify optimization opportunities, and measure your performance against industry standards.
Stores that actively monitor and optimize against these benchmarks consistently outperform those that operate without data-driven targets. Use tools like EA Bundles & Quantity Breaks and EA Free Shipping Bar & Upsell to improve your key metrics against these benchmarks.
Implications for Shopify Store Owners
These statistics have direct practical implications for Shopify merchants. Understanding where the market is heading and what consumers expect enables data-driven decision-making that improves ROI across all marketing and operational activities.
The most successful Shopify stores actively track their performance against industry benchmarks and continuously optimize. Conversion rate optimization through apps like EA Bundles & Quantity Breaks, EA Free Shipping Bar & Upsell, and EA Email Popup & Spin Wheel helps stores outperform these benchmarks.
The key is not just knowing the numbers but actively using them to identify your biggest optimization opportunities and measure the impact of changes.
Data Sources & Methodology
Every figure on this page links to the published report or page it comes from, and the full list is in the Sources section. In October 2026 we checked each figure against its source and removed the ones we could not trace to a published source.
Where ranges are provided, they reflect variation across different market segments, geographies, and business sizes. Your specific results may vary based on niche, target audience, and execution quality. Use these benchmarks as directional guidance rather than precise targets for your individual business.
We update these statistics quarterly as new data becomes available. Bookmark this page and check back for the latest figures to keep your strategy aligned with current market conditions.
Actionable Takeaways
Based on the data presented in this report, here are the most impactful actions Shopify store owners can take to capitalize on these trends and outperform industry averages:
- Optimize mobile experience: Smartphones drove 54.5% of US online holiday purchases in 2024 (Adobe, 2025), so ensure your Shopify theme is mobile-first. Use EA SEO & Page Speed Optimizer for fast mobile load times.
- Implement AOV optimization: Use EA Bundles & Quantity Breaks and EA Free Shipping Bar & Upsell to increase average order value.
- Build your email list: EA Email Popup & Spin Wheel captures emails.
- Create urgency: EA Countdown Timer Bar adds urgency to your promotions.
- Communicate value: EA Announcement Bar Banner highlights your promotional messaging.
- Improve accessibility: EA Accessibility adds accessibility tools that help open your store to all customers.
- Track and iterate: Measure your metrics against the benchmarks in this report monthly and focus optimization efforts on your biggest gaps.
Sources
- 10 Years of Cash, Cards and Crypto: Worldpay's Global Payments Report Tracks a Decade of Transformation — Worldpay (2025)
- Holiday Shopping Season Drove a Record $241.4 Billion Online and Rising 8.7% YoY — Adobe (2025)
- Shop Pay Installments — Shopify (2026)
- Economic Well-Being of U.S. Households in 2024: Executive Summary — Federal Reserve Board (2025)
- "The Only Way I Could Afford It": Who Uses BNPL and Why — Federal Reserve Board FEDS Notes (2024)
- The Buy Now, Pay Later Market Data Spotlight — Consumer Financial Protection Bureau (2025)
Frequently Asked Questions
How big is the BNPL market?
Online BNPL spending grew from $2.2 billion in 2014 to $342 billion in 2024, according to Worldpay's Global Payments Report (Worldpay, 2025). In the US, BNPL usage hit an all-time high in the 2024 holiday season, contributing $18.2 billion in online spend, up 9.6% year-over-year (Adobe, 2025).
Does BNPL increase average order value?
Yes, dramatically. Customers feel more comfortable purchasing higher-priced items when payments are spread over time. Shopify reports a 50% increase in average order value for one in four merchants using Shop Pay Installments (Shopify, 2026).
What demographics use BNPL most?
As of fall 2023, 14 percent of US adults had used BNPL in the prior 12 months, up from 12 percent in 2022 and 10 percent in 2021 (Federal Reserve, 2024). Use edged up 1 percentage point to 15 percent in 2024, while the share of BNPL users paying late increased sharply (Federal Reserve, 2025).
Which BNPL providers work with Shopify?
Shopify supports Shop Pay Installments (built-in), Affirm, Klarna, Afterpay (now part of Block/Square), Sezzle, and PayPal Pay in 4. Shop Pay Installments has the highest approval rates on Shopify stores. Klarna and Affirm offer the most payment flexibility with terms up to 36 months.
What is the default rate for BNPL?
In 2023, 1.83 percent of BNPL loans at six large US lenders were charged off, down from 2.63 percent in 2022, and 4.1 percent of loans were assessed a late fee (CFPB, 2025). Merchants bear no default risk as BNPL providers absorb losses and pay merchants upfront.
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