The FinTech sector has been at the forefront of financial innovation and the new form of lending and payment option Buy Now Pay Later (BNPL) is the new evolution-changing dynamics in the payments ecosystem. Though the market is at a nascent stage globally as well as in Saudi Arabia, early signs signify a promising future where it could capture the largest market share among payment methods.
1. ‘Buy Now, Pay Later’ (BNPL) has been popular in Sweden, Germany and other European nations for a long time; Covid-19 and lockdowns have enforced other nations to adopt it as well
Rising Trends of Buy Now Pay Later industry globally, 2022P
- With the rising e-commerce adoption, the popularity of BNPL also rose as the prospect of delayed payment became more attractive because of the financial uncertainty due to the spike in unemployment during the global pandemic.
- European countries such as Sweden, Germany, and Norway are leading the BNPL market race.
How does a Buy Now Pay Later transaction happen?
Integrated Shopping apps and Off-card financing solutions are business models in the BNPL space that have seen high adoption rates across the globe.
2. In KSA, BNPL as a mode of payment is receiving a great response from both retailers and customers due to the perks and convenience attached to this service
3. As a result, the BNPL industry in KSA is growing at a CAGR of 135% between 2019 and 2022P; around 60% revenue was generated by the e-commerce giants
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4. Owing to increasing adoption of cashless society the BNPL market in KSA is expected to grow at a CAGR of 25%; e-commerce giants will continue to dominate the market share
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