The Federal Reserve Bank of Richmond reported that the transaction value of “buy now, pay later” (BNPL) loans totaled an estimated $70 billion in 2025, representing an average annual increase of nearly 20% (real terms) since 2021. That said, the impact of BNPL loans on financial stability appears limited at present. Last year’s total puts BNPL transaction value at an estimated 1.1% of total credit card purchase volume during the year.