From venture capital to the most hallowed names in retailing to lions of luxury brands, buy now, pay later (BNPL), installment payments and point-of-sale (POS) credit are expanding their appeal broadly in a post-pandemic world approaching winter gifting season.
Stability in financial markets is a good thing, and PYMNTS’ October Provider Ranking of Alternative Credit Apps shows the remarkable steadiness in the alt-credit app space.
The Top 5
Coming in at No. 1 yet again is Klarna, Sweden’s gift to installment payments, and a recent beneficiary of investment from Macy’s in a new partnership bridging bricks and clicks. Also unchanged at No. 2 is Affirm, now getting ready for its initial public offering, followed at No. 3 by Afterpay making deals left and right. Quadpay is the first changeup in the latest Provider Ranking of Alternative Credit Apps, rising two spots to nab the No. 4 chart position. Finishing off the Top 5 for this Ranking is Zip Pay, holding firm with interest-free POS loans.
The Top 10
We often observe more movement in the second half of the Top 10 apps, though this go-around there’s not much to report (remember … stability). In fact, the only change is Minnesota-based Sezzle, climbing one spot to secure No. 6. At No. 7 is FuturePay, followed by BNPL provider Humm, still at No. 8. Popular app Paidy is found, again, at No. 9 in the Provider Ranking of Alternative Credit Apps, with Australia-based BNPL FinTech Laybuy back at No. 10.
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