Klarna's credit loss provisions were 0.52% of volume.
Why this market is moving now
- More than 1.2 million merchants offered Klarna in Q2 2026, up 54% in a year.
- Affirm's volume has grown more than 30% for twelve quarters in a row.
- Only 10% of Cash App card and payment users used a Block buy now pay later product in September 2026.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| Klarna's gross merchandise volume was $36.6 billion in the second quarter of 2026, up 18%, with US volume up 27%. | 36.6 USD billion | 2026 | |
| Klarna's revenue was $1.042 billion in the second quarter of 2026, up 27%. | 1.042 USD billion | 2026 | |
| Klarna had 120 million active consumers in the 12 months to June 2026, up 8%. | 120 million active consumers | 2026 | |
| More than 1.2 million merchants offered Klarna in the second quarter of 2026, up 54%. | 1.2 million merchants (more than) | 2026 | |
| Klarna's provisions for credit losses were 0.52% of volume in the second quarter of 2026, down from 0.56% a year earlier. | 0.52 % of GMV | 2026 | |
| Klarna expects 2026 revenue of $4.08 billion to $4.16 billion. | 4.08-4.16 USD billion (company guidance) | 2026 | |
| Affirm's gross merchandise volume grew 34% to $14.4 billion in the quarter to 30 September 2026, its twelfth quarter in a row of growth above 30%. | 14.4 USD billion | 2026 | |
| Affirm's total revenue grew 35% to $1,262 million in the quarter to 30 September 2026. | 1,262 USD million | 2026 | |
| Affirm's recent pay-in-four loans are tracking to loss rates of less than 1% of volume. | 1 % of GMV (less than) | 2026 | |
| Only 10% of Cash App Card and Cash App Pay users used a Block buy now pay later product in September 2026. | 10 % of actives | 2026 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
Klarna
Payments and BNPL provider with 120 million active consumers and $36.6 billion of Q2 2026 volume.
Affirm
BNPL lender in the US, Canada and the UK with $14.4 billion of volume in the quarter to 30 September 2026.
Block (Afterpay)
Owner of Afterpay and Cash App; 10% of its Cash App card and payment users used a BNPL product in September 2026.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
How every figure was built
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- Method note and assumptions
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Frequently asked questions
How big is the buy now pay later market?
Klarna processed $36.6 billion of volume in Q2 2026 and Affirm $14.4 billion in the quarter to 30 September 2026.
How many people use buy now pay later?
Klarna alone had 120 million active consumers in the 12 months to June 2026, up 8%.
Which companies lead buy now pay later?
Klarna had $36.6 billion of volume in Q2 2026. Affirm had $14.4 billion in its latest quarter. Block owns Afterpay and offers BNPL to Cash App users.
Are BNPL loans risky for lenders?
Klarna's provisions for credit losses were 0.52% of volume in Q2 2026. Affirm's recent pay-in-four loans are tracking to losses below 1% of volume.
Is BNPL still growing?
Yes. Klarna's volume grew 18% and its merchant count 54% in Q2 2026. Affirm's volume grew 34% in the quarter to 30 September 2026.
What is the BNPL outlook for 2026?
Klarna expects 2026 revenue of $4.08 billion to $4.16 billion.
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