Empower: US BNPL use has grown to 91.5M users, with 25% financing groceries, as default rates accelerate and most loans aren't reported, creating "phantom debt" (Connie Loizos/TechCrunch)

The use of Buy Now, Pay Later (BNPL) services in the U.S. has surged to 91.5 million users, with 25% of these users financing groceries. However, default rates are increasing, and a significant portion of loans remains unreported, leading to concerns about 'phantom debt.' Industry experts, including Nigel Morris, express worries about the implications of this trend on the economy, highlighting the potential risks associated with the growing reliance on BNPL services.