Dublin, June 21, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Buy Now Pay Later Services - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Buy Now Pay Later Services Market size in terms of transaction value is expected to grow from USD 0.73 billion in 2024 to USD 2.30 billion by 2029, at a CAGR of 25.76% during the forecast period (2024-2029).
The Buy Now, Pay Later (BNPL) services market was one of the major beneficiaries of the Covid-19 pandemic in Saudi Arabia. It grew in popularity dramatically during the epidemic, as the idea of deferred payment became more appealing in light of the financial uncertainties caused by the decrease in unemployment.
Buy Now Pay Later (BNPL) services are increasingly becoming popular in Saudi Arabia and are eclipsing credit cards more conveniently and transparently to fund transactions. The acceleration of E-commerce after the pandemic has aided to the BNPL's popularity as the pandemic forced consumers to shop from behind their screens. The digital payment market has changed dramatically in recent years and the expansion of e-commerce has further fueled BNPL. The Buy Now Pay Later service is becoming quite popular in Saudi Arabia due to its youthful population embracing the new and innovative ideas around personal finance.
Saudi Arabia has a longstanding aversion to using credit cards, due to which BNPL's business strategy is being able to tap into a growing market for delayed payments. Because BNPLs are merchant-funded, they have a significantly smaller appetite for lending to risky consumers who can't pay. The Saudi Arabian central bank has made it essential for all buy now pay later (BNPL) enterprises to obtain a permit, owing to the growing popularity of BNPL products in the country. Failure to obtain a permit from Saudi Arabia's central bank will result in legal action. The central bank's announcement comes as industry experts increasingly call for regulation of the deferred payment sector.
Buy Now Pay Later Services KSA Market Trends
Raising E-Commerce is Fueling the BNPL Services Market in Saudi Arabia
In Saudi Arabia, buy now, pay later (BNPL) arrangements are growing more common, a trend spurred by the country's e-commerce growth and embraced by the country's young, tech-savvy populace ready to adopt what they believe is a more convenient and transparent way to finance purchases.
BNPL Culture is on Rise Among Youths of Saudi Arabia
In the aftermath of the outbreak, Saudi Arabia has seen a significant surge in online short-term credit options such as buy now, pay later services. BNPL's early users are primarily Millennials and Generation Z. However, as with all new trends, a trickle-down effect will extend adoption throughout generations. According to the current data, BNPL platforms are primarily targeting a tech-savvy young audience. BNPL's quick growth illustrates that Millennials and Gen Z, who account for 75% of BNPL users, are increasingly rejecting traditional services in favor of something that better suits their financial needs. BNPL is seen by Saudi Arabia's younger generations as an easy way to buy luxury products without depleting their money.
Buy Now Pay Later Services KSA Industry Overview
The Buy Now Pay Later services market is relatively new and the market is relatively fragmented. However, a large number of players are entering the market with the approval from the Central Bank of Saudi Arabia as it had made approval mandatory for providing BNPL services. A high number of retailers is focusing on accepting these point-of-sale and online installment loans as a payment method, thereby creating growth opportunities for the BNPL solution providers in the Kingdom. The growing e-commerce industry is further expected to drive market growth over the forecast period. The major players covered in Saudi Arabia buy now pay later market report are Tamara, Tabby, Spotti, Postpay, Cashew Payments, etc
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.3 Market Restraints
4.4 Porters 5 Force Analysis
4.5 Insight on Technological Adoption in the Market
4.6 Insight on Various Government Regulations in the Market
4.7 Impact of COVID-19 on market
5 MARKET SEGMENTATION
5.1 By Channel
5.1.1 Online
5.1.2 POS
5.2 By End Usage
5.2.1 Kitchen Appliances
5.2.2 Other Electronic Appliances
5.2.3 Fashion and Personal Care
5.2.4 Health Care
5.2.5 Other Products
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Tamara
6.2.2 Tabby
6.2.3 Spotti
6.2.4 Postpay
6.2.5 Telr
6.2.6 Mastercard
6.2.7 Cashew Payments
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/pfkov8
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Attachments
- Saudi Arabia Buy Now Pay Later Services Market Preference For B N P L
- Saudi Arabia Buy Now Pay Later Services Market Distribution Of Popu
