Press release
KSA is about to witness a BNPL wave which is already a USD 2 Billion reality. Explore the key trends supporting the market growth: Ken Research
• Covid-19 pandemic lead to substantial growth in the e-commerce industry, with 2.5 times faster than growth before the pandemic, leading to increasing online transactions in KSA.
• Increasing demand for extra credit line with less stringent KYC procedures without relying on CIBIL scores will be traction for consumers for utilization of BNPL services.
Surging Consumer base: With increasing participation from fintech companies in BNPL ground, its user base is making equally big strides. A major chunk of Saudi Arabian consumers have used BNPL payment methods such as Tamara in 2021 when compared to previous years, with more customers exploring the BNPL services. In just one year, the Middle East region has witnessed an upsurge in the number of companies offering BNPL solutions.
Growing Retailers: With the diminishing Covid-19 impact, the return of the offline shopping mode is being witnessed. BNPL players are not going let the opportunity pass by. They have already started collaborating with leading retailers to offer BNPL at physical stores at checkout points as a point-of-sale financing tool. The growing e-commerce market has pushed the retailers to go for different mode of user friendly payment mechanisms.
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Expanding Partnerships: BNPL entities are making their mark by creating value for merchants and offering straightforward financial products to customers. BNPL giant Tamara works with global retail leaders like Adidas, IKEA, L'Occitane, , as well as top regional brands like Namshi, Abyat, Faces, Niceone, and , across the GCC. In just one year, the Middle East region has witnessed an upsurge in the number of companies offering BNPL solutions.
Moving to easy cashless credit: Increasing adoption of cashless society with emergence of digital payments fueled by surging working age class will derive the traction of BNPL industry among the users in KSA. With increasing demand for extra credit line with less stringent KYC procedures without relying on CIBIL scores will be traction for consumers for utilization of BNPL services.
The Report "KSA Buy Now Pay Later Market Outlook to 2027- Driven by digitalization, government support as a part of Saudi vision 2030 increasing Genz & millennials population due to influx of expatriates coupled with shifting preference towards easy interest free extra credit line sources" by Ken Research provides a comprehensive analysis of the potential Buy Now Pay Later industry in Saudi Arabia. People shifting from credit cards to BNPL as unlike credit cards, BNPL companies provide easy credit checks which are solely not based upon the CIBIL score, hence providing easy access to the services. Buy Now Pay Later Market in KSA recorded a positive CAGR on the basis of revenue generated in between 2022P and 2027E.
For more insights on the market intelligence, refer to below link:-
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/ksa-buy-now-pay-later-market-outlook-to-2027/596046-93.html
Key Segments Covered:-
KSA BNPL Market
By mode of payment
• Online
• Offline
By end user
• Ecommerce Giant
• Physical Retailers
• Travel and entertainment Merchants
• Food Merchants
By age group
• Below 24
• 24-36
• 36-50
• Above 50
Key Target Audience:-
• Fintech Companies
• BNPL players
• Retail merchants and chains
• Government and regulatory bodies
• New entrants in the BNPL space
• Associated or affiliated Banks with Insurance entities
Time Period Captured in the Report:-
• Historical Year: 2019-2021
• Base Year: 2022
• Forecast Period: 2023- 2027F
Visit this Link:- Request for custom report @ https://www.kenresearch.com/ask-customization.php?Frmdetails=NTk2MDQ2
Companies Covered:-
• Tabby
• Spotii
• Tamara
• Cashew
• PostPay
Key Topics Covered in the Report:-
• BNPL Industry positioning
• Socio demographic Outlook of Saudi Arabia
• Presence of Global BNPL Players
• Trends of BPNL Industry
• Market size of BPNL
• BNPL transaction process
• Key Features and developments in KSA BPNL
• SWOT Analysis of KSA BNPL
• Issues and Challenges in KSA BNPL
• Investment Analysis of players in BNPL Space
• Role of Government and regulations in KSA BNPL
• Porter's Five force Analysis in KSA BPNL
• Future Market Size of BNPL in KSA
Related Reports by Ken Research:-
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/uae-buy-now-pay-later-industry-outlook-to-2027/588867-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/malaysia-buy-now-pay-later-market-outlook-to-2027/596234-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/south-africa-buy-now-pay-later-market-outlook-to-2027/596049-93.html
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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.
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