Market Overview:
Buy now pay later platforms enable consumers to purchase goods and services without requiring upfront payment and pay in installments later. These platforms are gaining popularity as an alternative payment method to credit cards among millennial shoppers who prefer flexibility and convenience in payments.
Market key trends:
One of the key trends spurring growth in the Mena And Cis buy now pay later platform market is the rising adoption of e-commerce. More consumers are purchasing goods and services online instead of traditional brick-and-mortar stores. Buy now pay later offers a flexible payment solution for online shoppers to shop now and pay later in installments. This payment method has seen increased adoption for online retail sales as it overcomes barriers of high upfront costs of purchases and provides immediate gratification to consumers.
Here is the formatted segment and key takeaways for the given market research report:
Segment Analysis
The Mena And Cis Buy Now Pay Later Platform Market is dominated by the POS (Point of Sale) financing sub-segment due to rapid growth of e-commerce and omnichannel retail industries in the region. This sub-segment allows customers to split the cost of products/services purchased online or in-store into interest-free installments. With rising consumer preference for deferred payment options, especially among Gen Z and millennials, the POS financing sub-segment is expected to continue its dominance over the forecast period.
Key Takeaways
The global Mena And Cis Buy Now Pay Later Platforms Market Size And Trends is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing digitization and proliferation of e-commerce in the region.
Regional analysis
The MENA region is projected to be the fastest growing regional market due to rapid economic growth, rising internet and smartphone penetration, and growing young demographics with high spending power. Within MENA, GCC countries like UAE and Saudi Arabia dominate the regional BNPL market currently due to high smartphone and internet usage and increasing adoption of cashless payments.
Key players
Key players operating in the Mena And Cis Buy Now Pay Later Platform market are Afterpay, Holdings Inc., Klarna Bank AB, Laybuy Group Holdings Limited, Payl8r (Social Money Ltd.), PayPal Holdings Inc., Perpay, Quadpay, Sezzl, Splitit. Afterpay and Klarna captive the major share of the market currently due to their early mover advantage and wide acceptance among merchants and consumers in the region.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it