The news: US consumers are picking buy now, pay later (BNPL) providers based on the best fit for particular purchases, rather than staying loyal to any one provider, per a PYMNTS Intelligence report.

Nearly three-quarters (74%) of BNPL users report having checked out with two or more BNPL providers in the past three months this May, up from 68% in April 2026.

How we got here: The US BNPL market is highly competitive. By use, there’s no clear leader:

• 45% said they’ve used Affirm in the past three months.
• 44% said they’ve used Klarna.
• 44% said they’ve used PayPal Pay Later.
• And 42% said they’ve used Cash App Afterpay.

Why this matters: Shoppers are assessing BNPL providers on a case-by-case basis, choosing whichever best meets their needs. This puts the onus on providers to differentiate their installment products and be ready to seize share at checkout through strategic merchant partnerships.

That could help develop stronger user loyalty in the near term. We forecast that BNPL payment volume growth will slow into the single digits by 2029 as the industry matures, making engagement from repeat customers just as important as acquisitions.

Implications for BNPL providers: Securing installment volume depends on providing alternative financing quickly. Partnerships with merchants that serve a higher share of consumers who are more likely to want BNPL can help providers secure volume: 43.4% of BNPL users cited approval speed and ease as a driving factor in using the payment method, per PYMNTS.