Are consumers more loyal to merchants or BNPL?

Buy now, pay later (BNPL) made up only about 2% of all global payments toward the end of 2021, but its sales volume is on track to double, exceeding $181 billion this year. As adoption surges, with vendors such as Klarna, Affirm, Splitit and Afterpay reporting year-over-year growth ranging from 46% to 104%, retailers have climbed aboard, and no wonder: A recent report noted that nearly half of consumers spend more when using BNPL than they would if using traditional credit cards.