Increase in smartphone and internet penetration, Government support, young demographic composition and financial literacy is expected to drive KSA BNPL Industry: Ken Research

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• Online mode of payment will continue to dominate the BNPL industry in KSA due to Sharia compliant which promotes digital payments when compared to offline mode.
• 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 has 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.

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.

Key Segments Covered in KSA BNPL Market:-

Market Size of Buy Now Pay Later in KSA

on the basis of Revenue, 2019-2022P

on the basis of Number of Transactions, 2019-2022P

on the basis of Average Order Value, 2019-2022P

Market Segmentation By mode of payment

Online

Offline

Market Segmentation By end user

Ecommerce Giants

Physical Retailers

Travel and entertainment Merchants

Food Merchants

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Market Segmentation By age group

Below 24

24-36

36-50

Above 50

Key Target Audience:-

Bankers and associations

Government associations

Corporates

Investment firms

Government Bodies & Regulating Authorities

Fintech companies

Venture capitalists

Time Period Captured in the Report:-

Historical Year: 2019-2021

Base Year: 2022

Forecast Period: 2023– 2027F

Companies Covered:-

Tabby

Spotii

Tamara

Cashew

PostPay

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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 Global BNPL Industry

Presence of Global BNPL Players

Disruptors of Credit card Globally

Case Studies of Leading Global BNPL Providers

Trends of BPNL Industry

Market size of BPNL

BNPL transaction process

Key Features and developments in KSA BPNL

Ecosystem of Major Entities in Buy Now Pay Later Industry in KSA

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

Market Size of Buy Now Pay Later in KSA on the basis of Revenue,  Number of Transactions and Average Order Value, 2019-2022P

Market Segmentation by mode of payment, by end user, and by age group

Future Market Size of Buy Now Pay Later in KSA on the basis of Revenue

Future Market Segmentation by Mode of Payments, by end user and by age group

Future Market Size of BNPL in KSA

Industry Speaks

Analyst Recommendations

Research Methodology

For more insights on the market intelligence, refer to below link:-

KSA Buy Now Pay Later Market

Related Reports by Ken Research:-

India Buy Now Pay Later Market Outlook to 2026: Cascading Growth driven by one-click payment ease, unmatched expediency among lending solutions and free of cost deferment of payments, coupled with rising adoption by Merchant Payments due to increase in Customer Conversion and Sales Value

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