Saudi Arabia Buy Now Pay Later Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 2.80 Billion |
| CAGR (2024 - 2029) | > 10.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Buy Now Pay Later Services Market Analysis
The Saudi Arabia Buy Now Pay Later Services Market size is estimated at USD 1.40 billion in 2024, and is expected to reach USD 2.80 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).
In Saudi Arabia, the adoption of buy-now-pay-later services is witnessing an increase due to the widespread growth of e-commerce platforms. With the buy-now-pay-later payment service, consumers can shop online or in-store by selecting the BNPL service and receiving the products without making an upfront payment. The buy now pay later service provides customers with convenient and flexible purchases and helps in managing expenses.
The emergence of digitalization in retail and e-commerce platforms in Saudi Arabia changed the shopping behavior of customers, which supported the growth of the market. The easy access to buy now pay later services using smartphones and online platforms improved the customer experience, leading to the growth of buy now pay later services in the country.
Many new players are entering the buy now pay later services market in Saudi Arabia and introducing many innovative products. To meet the increasing demand for buy now pay later services firms in Saudi Arabia, market players are raising funds substantially, focussing on large gross merchandise value and volume in the market.
Saudi Arabia Buy Now Pay Later Services Market Trends
Raising E-Commerce Platforms with Online Payment Methods Drives the Market
- The increased adoption of online payment methods in industries such as banking, health insurance, retail, and consumer goods is driving the buy now pay later services market in Saudi Arabia.
- However, the buy now pay later services increase the conversion rates in online shopping platforms. Due to the flexible payment systems, e-commerce stores gain successful transactions.
- Notably, the increasing awareness about consumer electronic devices and health insurance services also boosts the growth of the market.
- Due to these factors, the buy now, pay later service market in Saudi Arabia is expected to grow during the forecast period.
Increased Adoption of Large Enterprises Drives the Market
Large enterprises in Saudi Arabia are increasingly adopting buy now, pay later services, driving the market. Many large-scale businesses with high-order values provide buy now, pay later services to their clients to boost sales and customer loyalty. Since large industries in the country have invested in cutting-edge technology, they can collaborate with top BNPL providers to provide convenient payment options.
Saudi Arabia Buy Now Pay Later Services Industry Overview
The buy now, pay later services market in Saudi Arabia is fragmented. A large number of players are entering the market with approval from the Central Bank of Saudi Arabia and are focusing on accepting point-of-sale and online installment loans as a payment method, which increases growth opportunities. The major players in the market include Spotti, Tabby, Tamara, Telr, and Postpay.
Saudi Arabia Buy Now Pay Later Services Market Leaders
Spotti
Tabby
Tamara
Telr
Postpay
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Buy Now Pay Later Services Market News
- January 2023: ToYou, a delivery app established in Saudi Arabia, and the shopping and payment app Tabby partnered to create a new BNPL service in the country.
- June 2022: Postpay, a leading BNPL provider in the Middle East, partnered with Tap Payments to offer more innovative and popularly used payment methods to businesses.
Saudi Arabia Buy Now Pay Later Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.2.1 Increasing Consumer Demand for Flexible Payment Options
4.2.2 Rise in E-commerce and Online Shopping
4.3 Market Restraints
4.3.1 High Interest Rates is Restraining the Market
4.3.2 Availability of Alternatives
4.4 Market Opportunities
4.4.1 Partnering with Retailers and E-commerce Platforms
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight into Technologial Adoption in the Market
4.7 Insight into Various Government Regulations in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Channel
5.1.1 Online
5.1.2 POS (Point of Sale)
5.2 By End User
5.2.1 Kitchen Appliances
5.2.2 Electronic Appliances
5.2.3 Fashion and Personal Care
5.2.4 Healthcare
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Tamara
6.2.2 Tabby
6.2.3 Spotti
6.2.4 Postpay
6.2.5 Telr
6.2.6 Mastercard
6.2.7 Cashew Payments
6.2.8 VISA
6.2.9 Affirm Inc.
6.2.10 Zippay*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Saudi Arabia Buy Now Pay Later Services Industry Segmentation
Buy now, pay later (BNPL) is a short-term financing that allows customers to make purchases and pay for them later, generally without incurring interest. BNPL arrangements, sometimes known as "point of sale installment loans," are becoming a more popular payment alternative, especially in online shopping.
The Saudi Arabian buy now, pay later services market is segmented into channel and end-user types. By channel, the market is segmented into online and POS (point of sale). The market is segmented by end-users into kitchen appliances, consumer electronics, fashion and personal care, and healthcare. The report offers market size and forecasts for the market in terms of revenue (USD) for all the above segments.
| By Channel | |
| Online | |
| POS (Point of Sale) |
| By End User | |
| Kitchen Appliances | |
| Electronic Appliances | |
| Fashion and Personal Care | |
| Healthcare |
Saudi Arabia Buy Now Pay Later Services Market Research Faqs
How big is the Saudi Arabia Buy Now Pay Later Services Market?
The Saudi Arabia Buy Now Pay Later Services Market size is expected to reach USD 1.40 billion in 2024 and grow at a CAGR of greater than 10% to reach USD 2.80 billion by 2029.
What is the current Saudi Arabia Buy Now Pay Later Services Market size?
In 2024, the Saudi Arabia Buy Now Pay Later Services Market size is expected to reach USD 1.40 billion.
Who are the key players in Saudi Arabia Buy Now Pay Later Services Market?
Spotti, Tabby, Tamara, Telr and Postpay are the major companies operating in the Saudi Arabia Buy Now Pay Later Services Market.
What years does this Saudi Arabia Buy Now Pay Later Services Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Buy Now Pay Later Services Market size was estimated at USD 1.26 billion. The report covers the Saudi Arabia Buy Now Pay Later Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Buy Now Pay Later Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Buy Now Pay Later Services Industry Report
Statistics for the 2024 Buy Now Pay Later Services KSA market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Buy Now Pay Later Services KSA analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
