UAE Buy Now Pay Later Business Report 2023: BNPL Payments to Grow by 19.6% to Reach $2.6 Billion in 2023 - Forecasts to 2028
DUBLIN , Nov. 17, 2023 /PRNewswire/ -- The "UAE Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q2 2023 Update" report has been added to ResearchAndMarkets.com's offering.
BNPL payments in UAE are expected to grow by 19.6% on an annual basis to reach US$2.6 billion in 2023.
The BNPL payment industry in UAE has recorded strong growth over the last four quarters, supported by increased ecommerce penetration.
In September 2022, Tabby, the Emirati-based leading BNPL provider, announced that the firm is expanding operations into the Egyptian market. In the UAE, the firm works with many leading brands, including Faces, In Your Shoe, Ariika, Marcqa, Floward, and Lacoste, among others.
With more than two million active shoppers in the Middle East region, the firm has decided to expand in Egypt after securing US$275 million in funding, since incption, from global and regional investors.
In October 2022, the firm also entered into a strategic collaboration with YouGotaGift, one of the leading digital gift card marketplaces in the region. Under the collaboration, the two firms will allow consumers and shoppers to buy gift cards using the BNPL payment method offered by Tabby.
The partnership comes at a time when the year-end holiday and gifting season is about to commence in the Emirates. Thus, the publisher expects the service to garner traction among consumers from the short-term perspective.
In October 2022, Cashew, one of the leading BNPL services in the Emirates, announced that the firm had entered into a strategic collaboration with du, a telecom provider in the UAE. Under the collaboration, Cashew will offer BNPL solutions on device financing for du's customers. This will enable consumers to purchase devices, at zero-additional cost, which were previously out of their budget.
To accelerate its growth in the domestic market, the firm also announced that it is seeking to raise US$70 million. As part of its mega fund-raising round, the firm is already in negotiations with family offices in Saudi Arabia and venture capital firms in the United States and Singapore. With the demand for BNPL schemes growing in the Emirati market, the publisher expects the firm to receive healthy interest from global investors, including venture capital and private equity firms.
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UAE Buy Now Pay Later Operational KPIs & Statistics, 2019-2028
UAE BNPL by Purpose, 2019-2028
UAE BNPL by Business Model, 2019-2028
UAE BNPL by Merchant Ecosystem, 2019-2028
UAE BNPL by Distribution Model Analysis, 2019-2028
UAE BNPL Analysis by Channel, 2019-2028
UAE Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2019-2028
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UAE Buy Now Pay Later in Travel/Entertainment: Market Size and Forecast, 2019-2028
UAE Buy Now Pay Later in Services: Market Size and Forecast, 2019-2028
UAE Buy Now Pay Later in Automotive: Market Size and Forecast, 2019-2028
UAE Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2019-2028
UAE Buy Now Pay Later in Groceries: Market Size and Forecast
UAE Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/s9l3hz
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