Mena And Cis Buy Now Pay Later Platform Market Growth driven by Rising E-commerce Adoption

Mena And Cis Buy Now Pay Later Platform Market



Market Overview:

The Mena And Cis Buy Now Pay Later Platform Market comprises of companies that provide instalment-based payment solutions for e-commerce and in-store purchases. Buy now pay later platforms allow consumers to purchase goods and pay for them in instalments over time, typically interest-free. This payment method is gaining popularity as an alternative to credit cards, as it offers flexibility and convenience to shoppers. The rising adoption of e-commerce and online shopping is a key driver for the buy now pay later market in the Mena and CIS region.

Market key trends:
One of the main trends fueling the growth of the Mena And Cis Buy Now Pay Later Platform Market is the rising adoption of e-commerce across the region. According to statistics, the e-commerce market in the MENA region is expected to grow at a CAGR of 12% between 2021-2025. The increasing sales through online retail stores have enhanced the demand for alternative payment methods like buy now pay later. Furthermore, buy now pay later platforms are focusing on strategic partnerships with e-commerce websites and merchants to expand their reach and offer point of sales solutions. For instance, in 2022, Tabby partnered with Amazon in Saudi Arabia to offer instalment plans for Amazon purchases. Such partnerships are expected to drive further adoption of buy now pay later services.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as large upfront investments are required to enter into this market. However, many startups are entering the market by providing innovative payment solutions.
Bargaining power of buyers: The bargaining power of buyers is high as buyers have many alternatives available in the market and can easily switch between platforms based on offers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many platforms in the market to supply payment processing services.
Threat of new substitutes: The threat of new substitutes is high as there are various emerging fintech startups providing alternative payment solutions like digital wallets.
Competitive rivalry: is high due to the presence of many established players and startups providing innovative offerings.

Key Takeaways

The Mena And Cis Buy Now Pay Later Platform Market size was valued at US$ 1152.6 Mn in 2021 and is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period. The increasing preference for deferred payment options among millennials and growing e-commerce sales are driving the market growth.

Regional analysis: The Mena region dominates the market currently due to widespread adoption among young population and rising discretionary spending. Countries like UAE and Saudi Arabia are the fastest growing markets. CIS countries are also expected to showcase significant growth in adoption of BNPL platforms.

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. These players are focusing on strategic partnerships and offering flexible payment options to gain more customers.

Read More:

https://www.dailyprbulletin.com/mena-and-cis-buy-now-pay-later-platform-market-demand/

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