Global Market Research Reports : Ken Research: KSA Buy Now Pay Later Market

Online mode of payment will continue to dominate the BNPL industry in KSA due to Sharia compliance 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. ksa-buy-now-pay-later-market

To learn more about this report Download a Free Sample Report

Growing Retailers: With the diminishing Covid-19 impact, the return of the offline shopping mode is being witnessed. BNPL players are not going to 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 retailers to go for a 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 a cashless society with the emergence of digital payments fueled by surging working age class will derive the traction of the BNPL industry among the users in KSA. The 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:-

KSA BNPL Market

By mode of payment