The MENA and CIS Buy Now Pay Later Platform market was valued at US$ 1152.7 Million in 2021 and is expected to surpass US$ 2393.8 Million by 2030, exhibiting a CAGR of 8.2% during the forecast period (2022-2030), according to the MENA and CIS Buy Now Pay Later Platform Market Report, by Component (Small Ticket Item (Upto US$ 300), Mid Ticket Items (US$ 300 - US$1000) and Higher Prime Segments (Above US$ 10,000).),by Business Model (Customer Driven and Business Driven), By Mode (Online and Offline), By Vertical (Home & Furniture, Fitness & Gear, Travel, Electronics, Fashion, Sports & Outdoor) and by Region (Middle East and North Africa (MENA), Commonwealth of Independent States (CIS))
Rising digitalization and growing penetration of internet in Middle East region is expected to drive the market growth.
MENA and CIS Buy Now Pay Later Platform Market - Impact of Coronavirus (Covid-19) Pandemic
Buy now pay later is the latest innovation of paying in installments. In COVID-19 period, these platforms are gaining traction when merchants and retails were looking to capitalize on the boost in online shopping as people prefer contactless shopping to prevent the spread of the virus.
In response to rising popularity and adoption of these platforms since last few years, new startups have emerged offering buy now pay later services. Some of the startups include tabby, postpay, and spotii, Aramex Smart, Rise, and Souqalmal.com.
This is expected to positively impact the growth of MENA and CIS Buy Now Pay Later Platform Market
To know the latest trends and insights prevalent in the MENA and CIS Buy Now Pay Later Platform Market, click the link below:
Key Trends and Analysis of the MENA and CIS Buy Now Pay Later Platform Market:
- 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 2021, the MENA market generated revenue of US$ 771.9 Mn and is expected to reach US$ 1853.7 Mn by 2030 with a CAGR of 9.9% over the forecast period.
- CIS is expected to witness significant growth over the forecast period. In 2021, CIS market generated a revenue of US$ 380.7 Mn and is expected to reach US$ 558.1 Mn by 2030 with a CAGR of 4.2% over the forecast period from 2022 to 2030.
- Among component, Platform/Solutions segment held a dominant position in the market in 2021. In 2021, Platform/Solutions segment generated a revenue of US$ 0 Mn in 2021 and is expected to reach US$ 1427.18 Mn by 2030 with a CAGR of 7.9% over the forecast period. The increasing penetration of smartphones and the internet is expected to be a major factor for growth of the segment over the forecast period from 2022 to 2030.
- 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.
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