May 29, 2023

Buy Now Pay Later is disrupting the credit card industry. Learn about companies developing or investing in the BNPL phenomenon.

Carlos Ponce joins a protest in in Miami Springs, Florida, asking senators to continue unemployment benefits past July 31, 2020. Joe Raedle/Getty Images

Buy Now Pay Later (BNPL) is a type of financing that allows consumers to make purchases and delay payment for a period of time. It has become big business in recent years. A LendingTree survey found that roughly a third of consumers had used a BNPL service . With its customer appeal, It is considered as one of the biggest threats to the traditional credit card payment model. Securities within this list are offering BNLP products and benefiting from the push by consumers to spread payments over longer periods . We use an algorithm that helps us determine which securities have the most relevance and impact on this domain. This list’s performance is calculated on an equally weighted method.

This list has performed -34.00% over the past year. By comparison, S&P/NZX 50 Index is -0.92% over the same period. The beta of this list, which is a measure of volatility, is Very High at 2.35. List Beta is calculated using an equally weighted average beta of the securities within this list. This list includes 50.00% of Technology stocks, 30.00% of Industrials stocks, 10.00% of Consumer Cyclicals stocks, 10.00% of Financials stocks.

List performance is calculated using an equal-weight methodology. This list is generated by scanning the web and using our algorithms to surface potentially relevant securities to the topic. The list is intended to be educational and includes securities that may be suitable for a watchlist. It is not intended for investment or trading purposes. Microsoft does not recommend using the data and information provided as the basis for making any investment decision.


AAPL. Apple Inc. (Apple) designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories and sells a range of related services. The Company’s products include iPhone, Mac, iPad, AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch and accessories. The Company operates various platforms, including the App Store, which allows customers to discover and download applications and digital content, such as books, music, video, games and podcasts. Apple offers digital content through subscription-based services, including Apple Arcade, Apple Music, Apple News+, Apple TV+ and Apple Fitness+. Apple also offers a range of other services, such as AppleCare, iCloud, Apple Card and Apple Pay. Apple sells its products and resells third-party products in a range of markets, including directly to consumers, small and mid-sized businesses, and education, enterprise and government customers through its retail and online stores and its direct sales force.

Apple Inc. is +13.07% over the past month and -8.98% over the past year, outperforming the S&P/NZX 50 Index by +10.85% over the past month and -8.07% over the past year.


AMZN., Inc. provides a range of products and services to customers. The products offered through its stores include merchandise and content that it purchased for resale and products offered by third-party sellers. It manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and it develops and produces media content. It also offers subscription services such as Amazon Prime, a membership program. Its segments include North America, International and Amazon Web Services (AWS). The AWS segment consists of global sales of compute, storage, database, and other services for start-ups, enterprises, government agencies, and academic institutions. It provides advertising services to sellers, vendors, publishers, authors, and others, through programs, such as sponsored advertisements, display, and video advertising. Customers access its offerings through websites, mobile applications, Alexa, devices, streaming, and physically visiting its stores. Inc. is +2.19% over the past month and -36.54% over the past year, underperforming the S&P/NZX 50 Index by -0.03% over the past month and -35.62% over the past year.


V. Visa Inc. (Visa) is a global payments technology company. The Company provides digital payments across more than 200 countries and territories. The Company connects consumers, merchants, financial institutions, businesses, strategic partners and government entities through technologies. The Company operates through the payment services segment. The Company provides transaction processing services, including primarily authorization, clearing and settlement to its financial institution and merchant clients through VisaNet, its transaction processing network. Its core business solutions, including credit, debit, prepaid and cash access programs for individual, business and government account holders. It also provides value-added services to its clients, including issuing solutions, acceptance solutions, risk and identity solutions, open banking and advisory services. It also offers products and solutions that facilitate money movement for all participants in the ecosystem.

Visa Inc. is +1.27% over the past month and +0.54% over the past year, underperforming the S&P/NZX 50 Index by -0.95% over the past month and +1.46% over the past year.


PYPL. PayPal Holdings, Inc. is a technology platform that enables digital payments and commerce experiences on behalf of merchants and consumers across the world. It operates a global, two-sided network at scale that connects merchants and consumers with 426 million active accounts across more than 200 markets. Its brands include PayPal, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, Happy Returns by PayPal, Chargehound, Paidy and Simility. The Company helps merchants and consumers connect, transact, and complete payments, whether they are online or in person. It enables consumers to exchange funds with merchants using a range of funding sources, which may include a bank account, a PayPal or Venmo account balance, PayPal and Venmo branded credit products, a credit card, a debit card, certain cryptocurrencies, or other stored value products, such as gift cards, and eligible credit card rewards. It also offers consumers person-to-person (P2P) payment solutions.

PayPal Holdings Inc. is -4.30% over the past month and -27.06% over the past year, underperforming the S&P/NZX 50 Index by -6.52% over the past month and -26.15% over the past year.

Affirm Holdings Inc

AFRM. Affirm Holdings, Inc. provides a platform for digital and mobile-first commerce. The Company’s platform comprises three elements: point-of-sale payment solutions for consumers, merchant commerce solutions, and a consumer-focused app. Its point-of-sale solutions allow consumers to pay for purchases in fixed amounts without deferred interest, late fees, or penalties. Its merchant commerce solutions offer commerce enablement, demand generation, and customer acquisition tools. Its consumer-focused app provides Affirm products, which consumers can use to manage payments, open a high-yield savings account, and access a personalized marketplace. The Company’s platform provides consumer and merchant features. Its consumer features include checkout, consumer borrowing, virtual card, affirm app and marketplace and Affirm debit+ card. Its merchant features include affirm at Checkout, merchant dashboard, analytics, client success support, affirm app, and returns management, among others.

Affirm Holdings Inc. is +0.97% over the past month and -63.95% over the past year, underperforming the S&P/NZX 50 Index by -1.25% over the past month and -63.04% over the past year.

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