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Alt-Credit App Ranking Is A Who’s Who Of BNPL Rivals — And A Few Revelations

With a nod to the timeless talent of Rod Serling, we say, “submitted for your approval” and proffer the following factoid: The most recent edition of PYMNTS’ Buy Now, Pay Later Tracker found that nearly half of BNPL users won’t shop with merchants that don’t offer BNPL.

Bet that got your attention (we’re looking at you, merchants).

The renaissance in installment payments is a dazzling wonder of the digital-first world, and PYMNTS’ Provider Ranking of Alternative Credit Apps is the place people go to find out who’s up, who’s down, who’s in and out — the whole enchilada.

Approve our use of your time (on layaway if need be) as we rummage through the rankings.

The Top Five

Where once there was a tied score, there is again. At No. 1 for another cycle is Afterpay, having just given a boost to brick-and-mortar retailing with its Westfield Shopping Centers deal. Also at No. 1 is rival Klarna, fresh off the news that it’s acquiring social commerce company APPRL.

Holding fast at No. 2 another month is the Affirm app, whose Shop Pay Installments is becoming available to all eligible U.S. merchants selling on the Shopify platform.

No change at No. 3 as QuadPay hangs in there, now merging with owner Zip into a single app.

Something different at No. 4, as the Sezzle app sizzles its way up the charts (one spot, to be precise), with a new focus on helping consumers with financial self-care.

Closing out the top five at No. 5 is the FuturePay app, nudged down a spot since we last met here, but sticking to the top five like top-rated apps have a way of doing.

The Top 10

Below the top five line, we begin with a gainer: Japan’s Paidy app, which launched its new “Single-Pay” or “3-Pay” service to pay offerings in July. (That’s because BNPL brands never stop BNPL’ing.)

Ranking regular Zip Pay drops one chart position to land at No. 7 this month.

It’s smooth sailing after that, at least from the perspective of a Provider Ranking of Alternative Credit Apps content creator. Nobody else has budged, you see. No action.

Remaining at its No. 8 post for another cycle is Australia’s Laybuy app. (Incidentally, what’s up with BNPL and Australia? It seems like every third company on the continent is a BNPL app. Or it could just be our imagination, in which case, disregard.)

Buzzing along at No. 9 it was, and still is, the Humm app, with its interest-free alt-credit.

Taking us out of the top 10 is LazyPay, also unchanged from the last cycle, which is an accomplishment of its own in such a competitive field. Other apps want in on this top 10, too.

That’s why it’s hats off to our top 10 alt-credit apps. Keep those installment loans rolling.

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