BNPL: Hype vs Reality

10th February 2022


PSE Consulting has reviewed the top 20 online retailers in France, Germany, Italy, Spain, Sweden and the UK to understand their adoption of BNPL.

The analysis also compares BNPL to Traditional Pay Later, which is defined as making credit offers, and onboarding new customers, before or after the purchase journey (i.e. not in session); this includes invoice finance or bank loans. It excludes pre-arranged credit lines not associated with an individual purchase such as credit cards and overdrafts.

The review was completed in January 2022 and excluded travel and financial services.


Outside the UK and Sweden BNPL remains a nascent payment product…


…with significant competition from traditional pay later offers


Klarna has expanded rapidly, but traditional pay later players already have a substantial multi-country presence




You can access the full report below. For any queries please contact


PSE Consulting has been covering the BNPL market  since 2018.

We have delivered projects in different geographies to several players across the value chain, such as BNPL providers, banks, card schemes and retailers.


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