GCC Buy Now Pay Later Market

Market Overview: 

The GCC buy now pay later market size is projected to exhibit a growth rate (CAGR) of 23.6% during 2024-2032. The growing online shopping activities among the masses, rising number of individuals who prioritize budgetary control and convenience, and increasing incorporation of effective risk assessment models to determine the creditworthiness of a customer represent some of the key factors driving the market.

Buy now pay later refers to a payment model that enables consumers to make purchases upfront and delay payment for those purchases over a specified period. It comprises point-of-sale (POS) financing, where customers are presented with the option to divide their purchase into installments, making it an attractive choice for spontaneous shopping. It also includes installment loans, which customers can apply with fixed interest rates to cover larger purchases. It transforms the process of shopping, enabling individuals to acquire desired products without bearing the full financial burden upfront. It enables consumers to spread out their payments, making larger purchases more accessible and offering budgetary flexibility. It provides a simple and swift application process, often requiring only basic personal information. It also offers interest-free periods and imposes interest rates after a certain grace period. It comes with a predetermined repayment schedule, typically spanning several weeks or months. It offers flexibility and convenience, enabling consumers to acquire goods and services without immediate full payment. Furthermore, as it functions by providing an alternative to traditional credit options while enhancing the shopping experience of individuals, the demand for buy now pay later models is rising in the GCC region.

GCC Buy Now Pay Later Market Trends:

At present, the increasing demand for buy now pay later facilities, as it enhances access to products and services, allowing consumers to make purchases they might not afford upfront, represents one of the key factors influencing the market positively in the GCC region. Moreover, the rising adoption of buy now pay later to avoid credit card debt is strengthening the market growth in the GCC region. Apart from this, the growing online shopping activities among the masses, as it is convenient and allows them to purchase things from the comfort of their home, is offering a positive market outlook. Additionally, the rising focus of buy now pay later facility providers on building and maintaining consumer trust is offering lucrative growth opportunities to investors in the region in the GCC region. In line with this, the increasing demand for seamless and flexible payment solutions offering consumers the ability to split their purchases into manageable installments is impelling the market growth. Besides this, the rising number of individuals who prioritize budgetary control and convenience is propelling the market growth in the region. In addition, the increasing integration of buy now pay later models in businesses for boosting cart conversion rates and overall customer engagement is bolstering the growth of the market. Furthermore, the rising incorporation of effective risk assessment models to determine the creditworthiness of a customer and the likelihood of repayment to prevent default rates are contributing to the market growth in the GCC region.

GCC Buy Now Pay Later Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the GCC buy now pay later market report, along with forecasts at the regional and country levels for 2024-2032. Our report has categorized the market based on channel, organization size, end use, and purchase.

Channel Insights:

• Online
• Point of Sale (POS)
   

The report has provided a detailed breakup and analysis of the market based on the channel. This includes online and point of sale (POS).

Organization Size Insights:

• Large Enterprises
• Small and Medium Enterprises
   

A detailed breakup and analysis of the market based on the organization size has also been provided in the report. This includes large enterprises and small and medium enterprises.

End Use Insights:

• Consumer Electronics
• Fashion and Garment
• Healthcare
• Leisure and Entertainment
• Retail
• Others
   

A detailed breakup and analysis of the market based on the end use has also been provided in the report. This includes consumer electronics, fashion and garment, healthcare, leisure and entertainment, retail, and others.

Purchase Insights:

• Small Ticket Items (Up to US$ 300)
• Mid Ticket Items (US$ 300 - US$ 1000)
• Higher Prime Items (Above US$ 1000)
   

A detailed breakup and analysis of the market based on the purchase has also been provided in the report. This includes small ticket items (up to US$ 300), made ticket items (up to US$ 1000), and higher price items (above US$ 1000).

Country Insights:

• Saudi Arabia
• UAE
• Qatar
• Bahrain
• Kuwait
• Oman
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

GCC Buy Now Pay Later Market Report Coverage:

Key Questions Answered in This Report:

• How has the GCC buy now pay later market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC buy now pay later market?
• What is the breakup of the GCC buy now pay later market on the basis of channel?
• What is the breakup of the GCC buy now pay later market on the basis of organization size?
• What is the breakup of the GCC buy now pay later market on the basis of end use?
• What is the breakup of the GCC buy now pay later market on the basis of purchase?
• What are the various stages in the value chain of the GCC buy now pay later market?
• What are the key driving factors and challenges in the GCC buy now pay later market?
• What is the structure of the GCC buy now pay later market and who are the key players?
• What is the degree of competition in the GCC buy now pay later market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the GCC buy now pay later market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the GCC buy now pay later market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the GCC buy now pay later industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.