Klarna leads on global reach and merchant count; Afterpay still dominates in fashion, apparel, and Oceania.
Klarna vs Afterpay: Comparing the Two Biggest BNPL Networks in 2026
Klarna reports 118 million active consumers and 966,000 merchants globally against Afterpay's roughly 24 million active customers and 348,000 merchants, with both charging merchants in the 4-6% range per transaction.
Klarna
Afterpay
Buy-now-pay-later has consolidated around a handful of major players, and Klarna and Afterpay remain the two most recognizable brands for merchants choosing between global reach and category-specific strength.
At a glance
| Metric | Klarna | Afterpay |
|---|---|---|
| Active consumers | 118M | 24M+ |
| Merchants | 966,000 | 348,000+ |
| GMV / GPV | $127.9Bn (FY2025) | $8.24Bn (Q3 2024) |
| US BNPL market share | 26.2% | 21.9% |
| Oceania market share | — | ~65.78% |
| Merchant fee | 4-6% | 4-6% |
| Chargeback fee | $15 | $15 |
| Product model | Pay-in-4 + longer financing | Pay-in-4 only |
Which one wins for which use case
Merchants prioritizing simplicity, fashion/apparel/beauty categories, or an Australia/New Zealand customer base tend to see stronger performance with Afterpay. Merchants wanting broader geographic coverage, higher-ticket financing options, and deeper European penetration typically lean toward Klarna. Many large retailers now offer both to maximize checkout conversion across customer preferences.
Sources
PrimeWay FCU: Klarna vs Afterpay vs Affirm 2026, Primer: Klarna vs Afterpay for Merchants, Contra Collective: Klarna vs Afterpay BNPL 2026.
Frequently asked questions
By reported active users and merchant count, Klarna is larger globally — 118 million consumers and 966,000 merchants versus Afterpay's roughly 24 million customers and 348,000 merchants.
Afterpay remains dominant in Australia and New Zealand, with about 65.78% regional market share, and holds strong US share in fashion, apparel, and beauty categories.
No, this is independent, informational coverage — we don't have an affiliate or partnership relationship with Klarna or Afterpay, and terms/fees can change, so verify current details with each provider.