[DigitalToday reporter Chi-gyu Hwang] In the U.S. market, buy now, pay later (BNPL) services are growing rapidly, posting record transaction volumes from the start of the year-end shopping season.

Concerns are also rising about increased consumer debt, along with calls for regulation.

According to Adobe Analytics, total BNPL payments in the United States from Nov. 1 to Dec. 1 were tallied at $10.1 billion. That was up 9 percent from a year earlier and the highest level Adobe has measured for the period.

Over the same period, overall year-end spending growth was limited to 7.1 percent. Adobe forecast BNPL payments for the two months of November and December at about $20.2 billion, up 11 percent from a year earlier.

Major BNPL companies also reported strong results. Klarna said total usage of its loan products rose 45 percent from a year earlier from Nov. 1 through Black Friday (Nov. 28).

Block said the number of transactions across its services rose 10 percent over the same period, and average BNPL spending per customer increased 6 percent.

Payment processor Fiserv also said transactions rose during the Black Friday period, with retailers' sales up 3.1 percent and restaurant sales up 2.9 percent. Dutch payments company Adyen also announced it processed total payments of $43.0 billion from Black Friday through Cyber Monday, up 27 percent from a year earlier.

As the BNPL market grows, regulatory moves are also taking shape. On Cyber Monday, attorneys general in seven U.S. states sent letters to six BNPL companies seeking documents on loan product information and how they resolve consumer disputes.

These regulators are pointing to a lack of information on how consumers use BNPL products and the level of delinquency rates. The BNPL industry is pushing back against criticism that it encourages excessive spending, saying its products are a cheaper and more accessible alternative to traditional credit cards.