The MENA and CIS Buy Now Pay Later Platform Market provides customers with interest-free installment payment options for e-commerce purchases. Buy Now Pay Later services allow customers to purchase goods online and pay for them over time, often in 3 or 4 equal monthly payments. This promotes affordability and accessibility for consumers looking to pay on flexible terms. Buy Now Pay Later is popular across several online shopping categories including apparel, electronics, home goods, and more. It has seen surge in adoption as e-commerce penetration grows across the Middle East, North Africa and CIS regions. The Global MENA and CIS Buy Now Pay Later Platform Market is estimated to be valued at US$ 1554.49 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the MENA and CIS Buy Now Pay Later Platform are Toray Industries, Inc., Avery Dennison Corporation, Nan Ya Plastics Corporation, Jindal Poly Films Ltd (B.C. Jindal Group), Uflex Limited, SRF Limited, Cosmo Films Limited, API Group Plc, K LASER Technology Inc., and Polinas Plastik Sanayi ve Ticaret A.S. These players are focusing on strategic partnerships and technology innovations to consolidate their market position.

The growing demand for e-commerce across Middle East, Africa and CIS countries is positively impacting the adoption of Buy Now Pay Later services. Evolving consumer preferences towards digital shopping and online payment options are favoring the Buy Now Pay Later trend. Rising internet and smartphone penetration will continue augmenting online commerce growth in these regions.

Major Buy Now Pay Later providers are expanding their geographical footprint across new countries to tap the large untapped market potential. Strategic collaborations with local retailers and payment facilitators are helping players to scale up and serve more customers. Partnerships are also enhancing product offerings, technologies, funding capacities and compliance frameworks.

Market drivers

One of the key drivers for Global MENA And CIS BNPL Platform Market Size is increasing adoption of e-commerce. Proliferation of internet and smartphone usage in the region has bolstered online shopping activities in recent years. Buy Now Pay Later services facilitate e-commerce transactions by offering flexibility and bridging the affordability gap for consumers. Their growth is directly linked to thriving e-commerce industry across Middle East, Africa and CIS countries. Rising disposable incomes and growing middle class population moreover contributes to the demand for instant credit options for purchases made online.

The ongoing geopolitical uncertainties in the Middle East and North Africa (MENA) and Commonwealth of Independent States (CIS) regions are impacting the growth of the Buy Now Pay Later (BNPL) platform market. Political instability and regional conflicts in countries like Ukraine, Yemen, Syria and Libya are hampering the economic development and lowering consumer spending in the affected areas. This is slowing down the adoption of new fintech solutions like BNPL platforms. However, the payments industry is identifying opportunities to further grow in relatively stable countries. BNPL players need to develop customized offerings for different country risks and monitor developments closely to expand or restrategize their operations as the situation evolves.

A major concentration of the MENA and CIS BNPL platform market value is in Turkey, Saudi Arabia and the UAE. These countries have young and tech-savvy populations that are rapidly embracing digital payment solutions. Turkey, in particular, has emerged as an important testing ground for global BNPL giants before their wider regional expansions. Improving digital infrastructures, high smartphone and internet penetration coupled with a young demographic profile will help sustain the region's dominant market position over the forecast period. However, political uncertainties stemming from Turkey's relations with other nations remain a monitoring factor.

The fastest value growth within the MENA and CIS BNPL platform market is expected from Egypt, Pakistan and Kazakhstan through 2030. These developing economies are witnessing rising internet usage, the spread of online shopping and financial inclusion efforts by governments. Tailored BNPL offerings addressing unbanked populations can unlock new customers. Moreover, a large youth base increasingly opting for deferred payment options when making purchases points to strong long-term demand prospects. While regulatory hurdles and low digital payment exposures are current challenges, ongoing developments are paving the way for accelerated BNPL adoption across socioeconomic segments over time.

Get More Insights On This Topic: https://www.newsanalyticspro.com/mena-and-cis-buy-now-pay-later-platform-market-analysis-growth-forecast-outlook-2023-2030/