Monday, 18 October 2021 11:53 GMT

Saudi Arabia Buy Now Pay Later Market Report 2021: BNPL Payments are Expected to Grow by 69.4% to Reach $321.4 Million in 2021 - Forecast to 2028


(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 14, 2021 (GLOBE NEWSWIRE) -- The "Saudi Arabia Buy Now Pay Later 2021-2028" report has been added to ResearchAndMarkets.com's offering.

According to the Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 69.4% on annual basis to reach US$ 321.4 million in 2021.

Consumers in Saudi Arabia are becoming comfortable with card payments. However, a large portion of consumers still prefers to pay with cash-on-delivery (COD). It is because they want the product first and then pays for it.

With deferred payment services, consumers can receive the product first and then pay later when they feel satisfied. Consequently, the BNPL payment option is creating a win-win situation for both merchants and consumers in the country.

Growth in the e-commerce industry to further drive the adoption of deferred payment methods in Saudi Arabia. Similar to other global markets, the retail landscape changed significantly in Saudi Arabia in 2020, primarily because of the global pandemic.

For instance, the e-commerce industry in the region posted substantial growth in the last three quarters. Apart from fashion, beauty, and electronic products, consumers took to the e-commerce platform to buy groceries and other essential products.

The Saudi Arabian deferred payment space is still evolving, with many financial technology startups aiming to gain market share in the country. Apart from the Saudi Arabia-based Tamara, UAE-based FinTech startup Tabby and Spotti have also launched their BNPL services for consumers in the country.

Both of these BNPL services have gained substantial traction for merchants and consumers alike in the Kingdom. For instance, Tamara has partnered with more than 1,000 merchants on its platform. The BNPL startup has partnered with both online and offline merchants in the country and is also expanding its service across KSA and other regions in the GCC.

Medium to long term growth story of BNPL industry in Saudi Arabia remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 27.9% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 189.7 million in 2020 to reach US$ 1,796.9 million by 2028.

Scope

Saudi Arabia BNPL Market Size and Spending Pattern

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Saudi Arabia Buy Now Pay Later Market Share Analysis by Key Players

  • tamara
  • Spotti
  • Tabby
  • Postpay
  • Cashew Payments

Saudi Arabia Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast

  • Online Channel
  • POS Channel

Saudi Arabia Buy Now Pay Later in Retail Shopping: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Saudi Arabia Buy Now Pay Later in Home Improvement: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Saudi Arabia Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Saudi Arabia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Saudi Arabia Buy Now Pay Later in Education: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Saudi Arabia Buy Now Pay Later in Automotive: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Saudi Arabia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

  • Buy Now Pay Later Sales Uplift by Product Category
  • Buy Now Pay Later Spend Share by Age Group
  • Buy Now Pay Later Gross Merchandise Share by Income
  • Buy Now Pay Later Gross Merchandise Value Share by Gender
  • Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

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Tags BNPL Buy Now Pay Later Consumer Behavior Credit and Loans Retail

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