MENA AND CIS BUY NOW PAY LATER PLATFORM MARKET ANALYSIS

Buy now pay later platform is providing advantages such as interest free credit, no upfront full payments for the goods, helps to boost the sales of the goods, and it is affordable for the customers. Furthermore, increasing preference for cashless transaction is boosting the adoption of buy now pay later platform market in the MENA and CIS region. 

Buy Now Pay later platform market is Boosting during the coronavirus pandemic owing to rapid upsurge in digital payments and online shopping. Consumers are rapidly shifting towards buy now pay later platforms owing to inclination towards online shopping to reduce the spread of the virus.

MENA and CIS Buy Now Pay Later Platform Market - Impact of Coronavirus (Covid-19) Pandemic

During coronavirus pandemic, the use of credit card and installment payments increased in MENA and CIS regions. Furthermore the COVID-19 pandemic poised a positive impact on the Buy now pay later platform market growth, the companies were implementing new strategies to prevent risk of loss. Some of the companies were rejecting loan applications for the users with late payment history.

MENA  is expected to hold dominant position in the MENA and CIS Buy Now Pay Later Platform market during the forecast period.

Statistics:

MENA  held dominant position in the MENA and CIS Buy Now Pay Later Platform market in 2021, accounting for 73.90% share, in terms of value, followed by CIS.

Figure 1: MENA and CIS Buy Now Pay Later Platform Market Share (%), By Region, 2021

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Among regions, MENA held dominant position in the MENA and CIS Buy Now Pay Later Platform market in 2021 and is expected to retain its dominance throughout the forecast period. In 2020, the Asia MENA market generated revenue of US$ 719.1 Mn and is expected to reach US$ 2393.85 Mn by 2030 with a CAGR of 8.2% over the forecast period

The primary factor for the market growth is rapidly increasing e-commerce sector in the region. Furthermore, due to COVID 19 pandemic, cashless transaction has sharply increased in the region which resulted into high funding for key market players. For instance, in June 2020, Tabby a UAE-based buy now pay later company, received investment of around US$ 7 million.

Online  segment is expected to drive the market growth during the forecast period.

Among mode, online segment  is expected to hold dominant position in the MENA and CIS Buy Now Pay Later Platform market during the forecast period. The segment is expected to exhibit highest CAGR of 8.6%, owing to increasing time spent on internet by millennial generation is expected to fuel the growth of the market. For instance, average time spent by millennial generation of UAE and Saudi Arabia on internet is around 6.4 hours and 4.2 hours everyday, according to Coherent Market Insights analysis.

Figure 2: MENA and CIS Buy Now Pay Later Platform Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2020 - 2030

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The MENA and CIS Buy Now Pay Later Platform market was valued at US$ 1152.7Mn in 2021 and is expected to reach US$ 2393.8 Mn by 2030 at a CAGR of 8.2% between 2021 and 2028.

Major players operating in the MENA and CIS Buy Now Pay Later Platform market include Afterpay, Holdings Inc., Klarna Bank AB, Laybuy Group Holdings Limited, Payl8r (Social Money Ltd.), PayPal Holdings Inc., Perpay, Quadpay, Sezzl, Splitit.