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