Wondering how alternative credit — aka buy now, pay later (BNPL) — did over the holidays? Complete tallies aren’t in yet, but here’s a taste: BNPL brand Afterpay topped $2.1 billion in sales in November (thanks to Black Friday), more than doubling last year’s November receipts, the company said in an early December statement. That gives some sense of it.
For the more granular view we inspect PYMNTS latest Provider Ranking of Alternative Credit Apps, where the strong are getting stronger but there’s always room for an upset (or two) as we see in this latest Ranking.
The Top 5
From the top it’s Klarna at No. 1 and its new BNPL pact with Verifone. At No. 2 for another month is the QuadPay app backed by Global Founders Capital, with Affirm holding firm at No. 3 for another month, followed by aforementioned Aussie sensation Afterpay still at No. 4.
A change to the Top 5 in the new Provider Ranking of Alternative Credit Apps is the PayPal-backed Paidy app rising two spots to land in the Top 5 at No. 5, finishing out the top performers.
The Top 10
There’s a bit more action to be seen here in the bottom half of the Top 10, as usual.
Moving down one spot to No. 6 is sizzling Sezzle and its recent BNPL pact with Target, while the interest-free Zip Pay app drops one spot to occupy No. 7 this time out. The FuturePay app stays put at No. 8 again, while the Laybuy app climbs one chart position to No. 9.
Dropping one spot yet staying in the Top 10 at No. 10 is the Humm app, and that’s a wrap for this edition of PYMNTS Provider Ranking of Alternative Credit Apps.
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