Joerg Diewald, chief commercial officer of Germany-headquartered fintech Solaris, which is behind BNPL product Splitpay, said: “The UK market was one of the early adopters of BNPL which led to a ripple effect across the major European markets. While still smaller than the credit card industry, the upward trajectory of the market points to its mainstream appeal. Swathes of Gen Z'ers across the continent are opting for BNPL instead of credit cards, wooed by influencers promoting BNPL firms like Klarna and Clearpay on social channels like Instagram.Īmid growing merchant acceptance, BNPL is set to grow to a €300 billion industry in Europe by 2025 while Deloitte says by then it will have captured around 11 per cent of the European e-commerce market. “You shouldn’t be using BNPL to buy a pizza,” says the CEO of French 'buy now, pay later' startup Alma, taking a pot-shot at rival players in one of the hottest areas of financial services right now.īNPL, which allows consumers to pay for goods in instalments typically interest-free, has been on a bull-like charge across Europe in recent years, supercharged by ballooning e-commerce spending during Covid.
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