How BNPL Market is positioned in KSA?
The report titled “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 of KSA BNPL Industry. The report also covers overview and genesis of the industry, market size in terms of revenue generated, number of transactions and average order value; market segmentation by, by type of end users, By Age Group of Consumers; challenges and bottlenecks, growth enablers and drivers; regulatory framework; competitive landscape including competition scenario, market shares of major operators - Cross Comparison of BNPL players on major decision making parameters for brand preference. The report concludes with future market projections of each segmentation.
KSA BNPL market overview
BNPL services serve a huge need in Middle East and North Africa (MENA) region. This is iterated to the fact that there was an exponential inflection point in Ecommerce adoption that happened in the last 12 months in the region, where eCommerce penetration was previously lower than other parts of the world but is now slated to become one of the most penetrated regions globally.
Market Overview of Buy Now Pay Later Industry in KSA
Buy now, pay later (BNPL) arrangements are becoming increasingly popular in Saudi Arabia, a trend that has been fuelled by the e-commerce boom and embraced by the country’s youth, tech-savvy population eager to adopt what they feel is a more convenient and transparent way to finance purchases.
During the LEAP tech conference held recently in Riyadh, global payment solutions provider Checkout.com shared findings from a survey of Saudi consumers it conducted in partnership with YouGov, and shared key growth metrics, outlining the rapid expansion of Saudi Arabia’s e-commerce market, and rising eagerness from the public to use BNPL products.
Trends perceived by Checkout.com have also been witnessed by other payment services providers. Tamara, a Saudi BNPL platform, was launched just a little over a year ago and is already seeing massive traction.
Checkout.com, which provides merchants with online payment options, said every sector of the Saudi economy for business-to-consumer (B2C) goods and services saw increased digital spending in 2021. Nearly half (48%) of Saudi consumers plan to spend even more on e-commerce in the next 12 months, with 40% citing the opportunity for cross-border shopping as a key reason why they now shop online.
The company observed changing payment preferences, with 55% of Saudi Arabian consumers indicating having used BNPL payment methods such as Tamara in 2021. A further 27% said they have not yet used BNPL but intend to do so in 2022.
Booming BNPL adoption is part of the broader digital shift that’s been ongoing. At the LEAP conference, Checkout.com founder and CEO Guillaume Pousaz said the company has seen a 470% increase in its own transaction volumes in Saudi Arabia since 2019, “a testament to just how fast the Kingdom’s digital economy is expanding,” the company said in a statement.
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
Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDQ2
Market Segmentation By mode of payment
Online
Offline
Market Segmentation By end user
Ecommerce Giants
Physical Retailers
Travel and entertainment Merchants
Food Merchants
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
For more information on the research report, refer to below link:-
KSA Buy Now Pay Later Industry
Related Reports:-
