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Report Description

According to PayNXT360’s Q4 2021 BNPL Survey, BNPL payment in Saudi Arabia is expected to grow by 81.2% on annual basis to reach US$ 636.7 million in 2022.

Medium to long term growth story of BNPL industry in Saudi Arabia remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 42.4% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 351.3 million in 2021 to reach US$ 5299.3 million by 2028.

With the awareness regarding BNPL products on the uptick in Saudi Arabia, more than 80% of the consumers said that they are keen to make use of the BNPL services in the country, according to PayNXT360’s Q4 2021 Global BNPL Market Survey.

This change in attitude towards BNPL products is shaping the future of the payments industry in Saudi Arabia. PayNXT360 expects the trend to continue from the short to medium-term perspective in the country. Moreover, it is further expected the total transaction volume and value for BNPL providers to increase significantly over the next four to eight quarters in the country. Consequently, PayNXT360 maintains a robust growth outlook for the deferred payment industry in the country over the next four to eight quarters.

Global BNPL players are expanding their reach in Saudi Arabia to gain more market share

With the BNPL market in Saudi Arabia expected to grow significantly on the back of rising demand from both consumers and merchants, global BNPL firms are looking to expand their footprint in the country. For instance,

• Egypt-based BNPL firm, Sympl, announced that the firm is considering to expand its services in the international market including Saudi Arabia. The announcement came at the time when the BNPL platform raised US$6 million for its save now pay later service in December 2021.
• While the firm is planning to use the December 2021 funding round to expand services in Egypt, Sympl is considering to expand its product offering in Saudi Arabia when the firm raises its next funding round.

As the demand among consumers and merchants continues to grow over the next four to eight quarters, PayNXT360 expects more global players to consider expanding their services in Saudi Arabia from the short to medium-term perspective.

BNPL companies are building partnerships with online fashion platforms to increase the consumer base in Saudi Arabia

As more and more consumers shift towards the usage of BNPL payment methods for completing their purchases in Saudi Arabia, online fashion platforms are seeking to enter into strategic partnerships with BNPL products to integrate the flexible payment method on their e-commerce websites. For instance,

• In October 2021, Tabby one of the leading BNPL platform in Saudi Arabia and Styli, the fashion and beauty online platform in the country, entered into a strategic partnership to provide more consumers with flexible payment methods.
• With more than 600,000 active customers and around two million monthly active users, the integration of Tabby's BNPL product on the Styli platform is expected to further boost the adoption of the BNPL payment method among consumers in the country.

Central bank makes it mandatory for BNPL firms to get a permit for offering their products in Saudi Arabia

Amid the growing adoption of BNPL products in Saudi Arabia, the Saudi Arabian central bank has made it mandatory for all buy now pay later (BNPL) firms to get a permit. Failing to get a permit from the central bank in Saudi Arabia will lead to legal actions. The announcement from the central bank comes in the midst of growing demand from industry experts to regulate the deferred payment sector.

Notably, several regulatory authorities around the world are taking measures to regulate one of the fastest-growing sectors. For instance, the Reserve Bank of Australia recently announced that BNPL firms could longer restrict the merchants from passing the surcharge fees onto the consumers in the country. Similarly, in November 2021, Bank Negara Malaysia announced that the central bank was looking to regulate the BNPL schemes under the Consumer Credit Act in 2022.

Scope

This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Saudi Arabia. Below is a summary of key market segments:
Saudi Arabia BNPL Market Size and Spending Pattern
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Saudi Arabia Buy Now Pay Later Operational KPIs
• Buy Now Pay Later Revenues, 2019 – 2028
• Buy Now Pay Later Share by Revenue Segments
• Buy Now Pay Later Merchant Commission, 2019 – 2028
• Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
• Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
• Buy Now Pay Later Accounts, 2019 – 2028
• Buy Now Pay Later Bad Debt, 2019 – 2028
Saudi Arabia Buy Now Pay Later Market Share Analysis by Key Players
Saudi Arabia Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
• Online Channel
• POS Channel
Saudi Arabia Buy Now Pay Later in Retail Shopping: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Saudi Arabia Buy Now Pay Later in Home Improvement: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Saudi Arabia Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Saudi Arabia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Saudi Arabia Buy Now Pay Later in Other: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Saudi Arabia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
• Buy Now Pay Later Sales Uplift by Product Category
• Buy Now Pay Later Spend Share by Age Group
• Buy Now Pay Later Gross Merchandise Share by Income
• Buy Now Pay Later Gross Merchandise Value Share by Gender
• Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

Reasons to buy

• In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.

• Insights into Opportunity by end-use sectors – Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.

• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.

• Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.

• Market Share by Key Players

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目次

1. About this Report
1.1 Summary
1.2 Methodology
1.3 Disclaimer

2. Saudi Arabia BNPL Market Size and Future Growth Dynamics
2.1 Consumer Behavior
2.2 Competitive Landscape and Growth Strategies
2.3 Market Share
2.4 Regulatory Trends

3. Saudi Arabia Buy Now Pay Later Industry Attractiveness
3.1 Saudi Arabia Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2019-2028
3.2 Saudi Arabia Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2019-2028
3.3 Saudi Arabia Buy Now Pay Later – Transaction Volume Trend Analysis, 2019-2028

4. Saudi Arabia Buy Now Pay Later Operational KPIs
4.1 Buy Now Pay Later Revenues, 2019 – 2028
4.2 Buy Now Pay Later Share by Revenue Segments
4.3 Buy Now Pay Later Merchant Commission, 2019 – 2028
4.4 Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
4.5 Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
4.6 Buy Now Pay Later Accounts, 2019 – 2028
4.7 Buy Now Pay Later Bad Debt, 2019 – 2028

5. Saudi Arabia Buy Now Pay Later Spend Analysis by Channel
5.1 Buy Now Pay Later Market Share by Channel, 2019 – 2028
5.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2019 – 2028
5.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2019 – 2028

6. Saudi Arabia Buy Now Pay Later Snapshot by End-Use Sector
6.1 Buy Now Pay Later Market Share by End-Use Sector – Emerging Avenues and Future Growth Prospects
6.2 Buy Now Pay Later Sales Uplift by End-Use Sector
6.3 Buy Now Pay Later Share by Retail Product Category

7. Saudi Arabia Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2019 – 2028
7.1 Saudi Arabia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2019-2028
7.2 Saudi Arabia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2019-2028
7.3 Saudi Arabia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2019-2028

8. Saudi Arabia Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2019 – 2028
8.1 Saudi Arabia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2019-2028
8.2 Saudi Arabia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2019-2028
8.3 Saudi Arabia Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2019-2028

9. Saudi Arabia Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast, 2019 – 2028
9.1 Saudi Arabia Buy Now Pay Later Leisure & Entertainment – Gross Merchandise Value Trend Analysis, 2019-2028
9.2 Saudi Arabia Buy Now Pay Later Leisure & Entertainment – Average Value Per Transaction Trend Analysis, 2019-2028
9.3 Saudi Arabia Buy Now Pay Later Leisure & Entertainment – Transaction Volume Trend Analysis, 2019-2028

10. Saudi Arabia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2019 – 2028
10.1 Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2019-2028
10.2 Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2019-2028
10.3 Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2019-2028

11. Saudi Arabia Buy Now Pay Later in Other Segment: Market Size and Forecast, 2019 – 2028
11.1 Saudi Arabia Buy Now Pay Later Other Segment – Gross Merchandise Value Trend Analysis, 2019-2028
11.2 Saudi Arabia Buy Now Pay Later Other Segment – Average Value Per Transaction Trend Analysis, 2019-2028
11.3 Saudi Arabia Buy Now Pay Later Other Segment – Transaction Volume Trend Analysis, 2019-2028

12. Saudi Arabia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
12.1 Buy Now Pay Later Spend Share by Age Group
12.2 Buy Now Pay Later Gross Merchandise Share by Income
12.3 Buy Now Pay Later Gross Merchandise Value Share by Gender
12.4 Buy Now Pay Later Adoption Rationale

13. Further Reading
13.1 About PayNXT360
13.2 Related Research