KSA Buy Now Pay Later Market Surges as Digitalization and Government Support Drive Adoption Among Gen Z and Millennials
DUBLIN, July 12, 2023 /PRNewswire/ -- The "KSA Buy Now Pay Later Market Outlook to 2027" report has been added to ResearchAndMarkets.com's offering.
The report provides a comprehensive analysis of the Buy Now Pay Later (BNPL) industry in Saudi Arabia. The report covers an overview and genesis of the industry, market size in terms of revenue generated, market segmentation by types of services, end-users, revenue division based on the number of transactions and age group of consumers. It also analyzes the growth drivers, challenges, trends, regulatory framework, end-user analysis, industry analysis, competitive landscape, and market projections.
The Buy Now Pay Later arrangements are gaining popularity in Saudi Arabia, driven by the e-commerce boom and the preference of the country's tech-savvy youth for a convenient and transparent way to finance purchases. The adoption of digital payments is increasing in the KSA market, as more FinTechs collaborate with merchants.
A survey conducted by global payment solutions provider Checkout.com in partnership with YouGov revealed the rapid expansion of Saudi Arabia's e-commerce market and the public's eagerness to use BNPL products.
Market Segmentation:
Mode of Payment: The market can be segmented into online and offline modes of payment. The adoption of cashless payments during the COVID-19 pandemic has fueled the need for online transactions, driving the growth of the industry.
End Users: The market can be segmented into E-commerce Giants, Physical Retailers, Travel and Entertainment Merchants, and Food Aggregators.
Age Group: The market can be segmented into Below 24 years, 24-36 years, 36-50 years, and Above 50 years. The increasing working-age population is gradually shifting from credit cards to BNPL as a mode of payment.
Competitive Landscape in KSA BNPL Market:
The competitive rivalry in the KSA BNPL market is in the medium range, as the industry is still in its early stages. Major startups such as Tamara, Tabby, PostPay, and Spotii are emerging and trying to gain traction. The market is also witnessing the entry of global giants, as seen in the recent acquisition of Spotii.
Future Outlook and Projections of the Industry:
The BNPL industry in KSA is expected to grow due to the increasing adoption of cashless payments, the emergence of digital payments, and the surging working-age population. The demand for extra credit lines with less stringent KYC procedures and without relying on CIBIL scores will attract consumers to BNPL services.
The market share of the below 24 years age group is expected to gradually increase, driven by the increasing adoption of BNPL by Gen Z and millennials. Online mode of payment is projected to dominate the BNPL industry in KSA due to Sharia compliance and the promotion of digital payments.
Time Period Captured in the Report:
Historical Year: 2019-2022
Base Year: 2022
Forecast Period: 2023-2027
Companies Covered:
Tabby
Spotii
Tamara
Cashew
PostPay
Key Topics Covered in the Report:
BNPL Industry positioning
Socio-demographic Outlook of Saudi Arabia
Economic Landscape and Expatriate Population of Saudi Arabia
Overview of the Global BNPL Industry
Presence of Global BNPL Players
Disruptors of Credit card Globally
Case Studies of Leading Global BNPL Providers
Trends of BNPL Industry
Market size of BNPL
BNPL transaction process
For more information about this report visit https://www.researchandmarkets.com/r/t07f92
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SOURCE Research and Markets