The shift in the overall consumer behavior, along with the rise of digital payment solutions, is resulting in buy now, pay later (BNPL) becoming one of the fastest-growing payments methods in the country: Ken Research

UAE News

The concept of delayed payment is not new. We all have credit cards, which de-facto are 'Buy Now, Pay Later' tools. Unfortunately, credit cards have remained unchanged for the past 30 years, even though consumers developed an aversion to them following the financial crisis and horror stories of extravagant interest rates.

Less Stringent Credit Checks: Stringent credit checks on traditional credit lending means such as credit cards has boosted fast adoption of BNPL as it doesn't come with as stringent with the risk checks as does the traditional banks and credit card companies. Relying less on the CIBIL score makes it easy for customers to get hold of extra credit line in form of BNPL which is one the major traction for them.

Direct Impact of E-Commerce on BNPL: E-Commerce had anyway been on the rise, but COVID-19 propelled the industry ahead by a huge margin. This has had a direct impact on the BNPL industry as a rise in the E-Commerce industry led to consumers availing more of BNPL services.

Influx of External Investments: BNPL players in the UAE have only just entered the market and have cumulatively received millions in funding. Australian BNPL giant ZIP recently acquired Spotii in a multi-million-dollar deal. This is as part of ZIP's efforts to enter the MENA region with regards to BNPL landscape.

Growth Drivers of UAE Buy Now Pay Later Market

COVID-19 Impact: Post COVID, technology, inclusivity and digitalization by fintech players has been clearly observed, thus providing a massive push to the industry in this regard. Changes in lifestyle, fueled by government intervention and consumer expectations have shot up BNPL industry drastically in the region. Cashless digital transactions have become the new norm in the post-pandemic world.

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The publication titled "UAE Buy Now Pay Later Industry Outlook to 2027: Driven by adoption of cashless society, increasing Genz & millennials population coupled with shifting preference towards easy interest free extra credit line sources" provides a comprehensive analysis of the Buy Now Pay Later industry in UAE. The report covers various aspects including BNPL industry market size on the basis of revenue, number of transactions and average order value, market overview, Key Features and Development in UAE Buy Now Pay Later Market, How a Buy Now Pay Later Transaction Happen, ecosystem of entities in the UAE BNPL industry, growth drivers, restraints and challenges, major trends and developments, Overview of Global BNPL Industry, Presence of BNPL Players Across Globally, Disruptors of Credit card Globally, Porter's Five Force Analysis of the UAE Buy Now Pay Later Market, Issues and Challenges in the UAE Buy Now Pay Later Market , SWOT Analysis, Role of Government and Regulations in the UAE Buy Now Pay Later Industry, and Impact of COVID-19. Insights on competitive landscape of BNPL industry, company profile of major BNPL players operating in the ecosystem on the basis of Operational and Financial Parameters, Company Overview, Business Strategy, Marketing Strategy, Recent Developments, Key Partnerships, Key Fitness Partners, Product Portfolio, Key collaboration, Cost Structure and Challenges is also covered in the report. The report also covers analysis of demand side on the basis of Adoption Rationale of Consumers towards Buy Now Pay Later Services ,Cross Comparison of BNPL players on major decision making parameters for brand preference, Consumer Persona Analysis. Further report also focuses on the UAE Buy Now Pay Later Market Segmentation by Mode of Payments (Online vs Offline), by Type of End User (Ecommerce Retail, Consumer Electronics, Food Aggregators and Travel Aggregators), By Geography (Dubai, Sharjah and Abu Dhabi), By Age Group of Consumers,( 15-30 years, 30-40 years, 40-50 years, above 50 years). UAE BNPL Market report concludes with projections for the future of the industry including forecasted industry size by revenue by 2027, and analysts' take on the future highlighting the major opportunities.

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Key Segments Covered in UAE Buy Now Pay Later Industry

UAE Buy Now Pay Later Market

By Mode of Payments
Online
Offline
By Type of End User
Ecommerce Retail,
Consumer Electronics,
Food Aggregators
Travel Aggregators
By Geography
Dubai,
Sharjah
Abu Dhabi
By Age Group of Consumers,
15-30 years
30-40 years
40-50 years
Above 50 years
Adoption Rationale of Consumers towards Buy Now Pay Later Services
Cross Comparison of BNPL players on major decision-making parameters for brand preference
Consumer Persona Analysis
Time Period Captured in the Report:

Historical Period: 2019-2022
Forecast Period: 2023-2027F
Buy Now Pay Later Business Model

UAE Buy Now Pay Later Industry Players/Ecosystem

BNPL Players (Supply Side)
Tabby
Tamara
Spotii
Aramex
Afterpay
Rise
Cashew
Postpay
Souqalmal
Lifestyle Merchants (Demand Side)
Amazon
SHEIN
The Body Shop
Adidas
Actan
Swarovski Ebrahim Shop
Babytonia
Food Merchants (Demand Side)
Healthy life
Golden Tamper
Karam Alnakhil
Mawared
Payment System Operators
Simpl SamsungPay
Apple Pay
VISA
Payit
Mastercard
Gpay
Regulators and Facilitators
Dubai Financial Authority Services
Financial Services Regulatory Authority

Key Topics Covered in the Report

Overview of Global BNPL Industry
Installment Payment Service by BNPL Credit Card
Presence of BNPL Players Across Globally
Disruptors of Credit card Globally
Key Features and Development in UAE Buy Now Pay Later Market
How a Buy Now Pay Later Transaction Happens
Key Trends of UAE Buy Now Pay Later Industry
Ecosystem of Major Entities in Buy Now Pay Later Industry in UAE
Growth Drivers of UAE Buy Now Pay Later Market
Porter's Five Force Analysis of the UAE Buy Now Pay Later Market
Trends and Developments in UAE Buy Now Pay Later Market
Issues and Challenges in the UAE Buy Now Pay Later Market
SWOT Analysis of UAE Buy Now Pay Later Market
Role of Government and Regulations in the UAE Buy Now Pay Later Industry
Impact of COVID-19
Adoption Rationale of Consumers towards Buy Now Pay Later Services
Cross Comparison of BNPL players on major decision making parameters for brand preference
Consumer Persona Analysis
Investment Analysis of Major Players in the BNPL Space from 2016 to 2021
UAE BNPL Market Sizing on the basis of number of Number of transaction, revenue and average order value.
UAE BNPL Market Segmentation (By Mode of Payment, By Type of End User, By geography and by age group).
Company profile of major BNPL players operating in the ecosystem (Operational and Financial Parameters, Company Overview, Business Strategy, Marketing Strategy, Recent Developments, Key Partnerships, Key Fitness Partners, Product Portfolio, Key collaboration, Cost Structure and Challenges).
Analyst Recommendations
Industry Speaks

Related Reports
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-buy-now-pay-later-market-outlook-to-2026/515064-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/asia-credit-cards-market-outlook/289128-93.html

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