Summary

According to PayNXT360, BNPL payments in the country are expected to grow by 17.7% on an annual basis to reach US$1,697.8 million in 2024.

The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.5% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$1,442.8 million in 2023 to reach US$2,923.6 million by 2029.The rising adoption of flexible payment solutions is aiding the growth of the buy now pay later industry in the Kingdom of Saudi Arabia. PayNXT360 expects the trend to further continue over the medium term. To meet the rising demand for buy now pay later products, firms are also raising funding rounds, targeting higher gross merchandise value and volume in the market.

New players, including super apps, are also entering the fast-growing sector. This is driving innovation and a competitive landscape in the Saudi Arabian buy now pay later industry. Amid the rising adoption, the need to protect consumers from debt traps has also resulted in new regulatory proceedings in the sector. The Central Bank, for instance, announced guidelines in Q4 2023.

Firms are raising funding rounds to further scale their buy now pay later product offering in the Kingdom

The Saudi Arabian BNPL market is experiencing a strong growth period despite the challenging global macroeconomy. The fintech sector is poised to grow further over the medium term, with the current penetration standing around 30%, reflecting the growth potential compared to other markets like Europe and the United States, where the penetration ranges between 50% to 70%. The domestic market offers lucrative growth opportunities amid the thriving e-commerce industry and firms like Tamara are looking to tap into the growth potential of the BNPL market.
• Tamara, in December 2023, announced that the firm had raised US$340 million as part of its Series C funding round, at a valuation of more than US$1 billion. The capital round was led by investors like SNB Capital and Sanabil Investments. Pinnacle Capital, Impulse, and Shorooq Partners also participated in the Series C round. The firm, in November 2023, also raised US$250 million in debt financing. Tamara has been growing at a rapid rate in the region. With a presence in the Kingdom of Saudi Arabia, Kuwait, and the Emirates, it has more than 10 million registered users and over 30,000 merchant partners.

From the short to medium-term perspective, PayNXT360 expects more BNPL providers to raise funding rounds in the Kingdom. This will support innovation and a competitive landscape over the medium term.

New firms are entering the buy now pay later sector with their innovative product offerings

Amid the fast-growing sector, the competitive landscape is also poised to grow at a significant pace in the Saudi Arabian BNPL market. Tamara and UAE-based Tabby are among the leading BNPL providers in the sector. These firms, however, are also facing competition from new entrants in the industry.
• ToYou, the Saudi Arabia-based supper app, launched its own BNPL product in the market in 2023. With the launch of the flexible payment solution, the super app is seeking to innovate with customer’s shopping experience, targeting higher growth in the region.

From the short to medium-term perspective, PayNXT360 expects more regional and global firms to enter the Saudi Arabian BNPL market. This will support innovation and market growth over the next three to four years.

Saudi Arabia introduces new rules to regulate the unregulated BNPL industry in the Kingdom

The Saudi Central Bank, in December 2023, announced new regulations for the fast-growing BNPL industry. The rules announced by the Central Bank include provisions regarding licensing requirements and other regulatory measures such as information security standards, internal policies, and measures to combat financial crimes.

Furthermore, requirements have been announced to better protect consumers. This includes defining limits for credit and activities. The new regulations announced by the Central Bank are expected to support and contribute towards the sustainable growth of the market over the medium term.

The Saudi Central Bank is following the path led by many global authorities, including the Financial Conduct Authority and the Emirates Central Bank. In the United Arab Emirates, too, the Central Bank issued guidelines for BNPL providers, requiring them to get licensed to offer short-term credit to consumers.

The BNPL payment industry in Saudi Arabia has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.

This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


• Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2020-2029). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.

• Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.

• Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.

• Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.

• Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Saudi Arabia.

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Table of Contents

1 About this Report
1.1 Summary
1.2 Methodology
1.3 BNPL Definitions
1.4 Disclaimer

2 Saudi Arabia Buy Now Pay Later Industry Attractiveness
2.1 Saudi Arabia Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2020-2029
2.2 Saudi Arabia Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2020-2029
2.3 Saudi Arabia Buy Now Pay Later—Transaction Volume Trend Analysis, 2020-2029
2.4 Saudi Arabia Buy Now Pay Later Market Share Analysis by Key Players

3 Saudi Arabia Buy Now Pay Later Operational KPIs
3.1 Buy Now Pay Later Revenues, 2020-2029
3.2 Buy Now Pay Later Share by Revenue Segments, 2020-2029
3.2.1 Buy Now Pay Later Revenue by Merchant Commission, 2020-2029
3.2.2 Buy Now Pay Later Revenue by Missed Payment Fee Revenue, 2020-2029
3.2.3 Buy Now Pay Later Revenue by Pay Now & Other Income, 2020-2029
3.3 Buy Now Pay Later Active Consumer Base, 2020-2029
3.4 Buy Now Pay Later Bad Debt, 2020 – 2024 – 2029

4 Buy Now Pay Later Spend Analysis by Business Model, 2020-2029
4.1 Buy Now Pay Later Two-Party Business Model, 2020-2029
4.2 Buy Now Pay Later Three-Party Business Model, 2020-2029

5 Buy Now Pay Later Spend Analysis by Purpose, 2020-2029
5.1 Buy Now Pay Later Convenience, 2020-2029
5.2 Buy Now Pay Later Credit, 2020-2029

6 Buy Now Pay Later Spend Analysis by Functional Attribute, 2020-2029
6.1 Buy Now Pay Later by Open Loop System, 2020-2029
6.2 Buy Now Pay Later by Closed Loop System, 2020-2029

7 Buy Now Pay Later Spend Analysis by Distribution Model, 2020-2029
7.1 Buy Now Pay Later by Standalone, 2020-2029
7.2 Buy Now Pay Later by Banks & Payment Service Providers, 2020-2029
7.3 Buy Now Pay Later by Marketplaces, 2020-2029

8 Saudi Arabia Buy Now Pay Later Spend Analysis by Sales Channel
8.1 Buy Now Pay Later Market Share by Sales Channel, 2020-2029
8.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2020-2029
8.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2020-2029

9 Saudi Arabia Buy Now Pay Later Snapshot by End-Use Sector, 2020-2029
9.1 Buy Now Pay Later Market Share by End-Use Sector, 2023
9.2 Buy Now Pay Later Sales Uplift by End-Use Segment, 2023

10 Saudi Arabia Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
10.1 Saudi Arabia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2020-2029
10.2 Saudi Arabia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2020-2029
10.3 Saudi Arabia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2020-2029

11 Saudi Arabia Buy Now Pay Later Market Size and Forecast by Retail Product Categories
11.1 Buy Now Pay Later Share by Retail Product Category, 2023
11.2 Saudi Arabia Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis, 2020-2029
11.3 Saudi Arabia Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis, 2020-2029
11.5 Saudi Arabia Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis, 2020-2029
11.6 Saudi Arabia Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis, 2020-2029
11.7 Saudi Arabia Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis, 2020-2029
11.8 Saudi Arabia Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis, 2020-2029
11.9 Saudi Arabia Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis, 2020-2029

12 Saudi Arabia Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
12.1 Saudi Arabia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2020-2029
12.2 Saudi Arabia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2020-2029
12.3 Saudi Arabia Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2020-2029

13 Saudi Arabia Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
13.1 Saudi Arabia Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis, 2020-2029
13.2 Saudi Arabia Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis, 2020-2029
13.3 Saudi Arabia Buy Now Pay Later Travel – Transaction Volume Trend Analysis, 2020-2029

14 Saudi Arabia Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
14.1 Saudi Arabia Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis, 2020-2029
14.2 Saudi Arabia Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis, 2020-2029
14.3 Saudi Arabia Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis, 2020-2029

15 Saudi Arabia Buy Now Pay Later in Service: Market Size and Forecast, 2020-2029
15.1 Saudi Arabia Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis, 2020-2029
15.2 Saudi Arabia Buy Now Pay Later Service – Average Value Per Transaction Trend Analysis, 2020-2029
15.3 Saudi Arabia Buy Now Pay Later Service – Transaction Volume Trend Analysis, 2020-2029

16 Saudi Arabia Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
16.1 Saudi Arabia Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis, 2020-2029
16.2 Saudi Arabia Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis, 2020-2029
16.3 Saudi Arabia Buy Now Pay Later Automotive – Transaction Volume Trend Analysis, 2020-2029

17 Saudi Arabia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
17.1 Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2020-2029
17.2 Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2020-2029
17.3 Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2020-2029

18 Saudi Arabia Buy Now Pay Later in Others: Market Size and Forecast, 2020-2029
18.1 Saudi Arabia Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis, 2020-2029
18.2 Saudi Arabia Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis, 2020-2029
18.3 Saudi Arabia Buy Now Pay Later Others – Transaction Volume Trend Analysis, 2020-2029

19 Saudi Arabia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour, 2020-2029
19.1 Buy Now Pay Later Spend Share by Age Group, 2023
19.1.1 Saudi Arabia Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.2 Saudi Arabia Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.3 Saudi Arabia Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.4 Saudi Arabia Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis, 2020-2029
19.2 Buy Now Pay Later Spend Share by Default Rate by Age Group, 2023
19.3 Buy Now Pay Later Share by Income, 2023
19.3.1 Saudi Arabia Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.2 Saudi Arabia Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.3 Saudi Arabia Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis, 2020-2029
19.4 Buy Now Pay Later Gross Merchandise Value Share by Gender, 2023
19.5 Buy Now Pay Later Adoption Rationale, 2023
19.6 Saudi Arabia Buy Now Pay Later Market – Spend by Average Monthly Expense Segments, 2023

20 Further Reading
20.1 About PayNXT360
20.2 Related Research

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List of Tables/Graphs

Table 1: Saudi Arabia Buy Now Pay Later – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 2: Saudi Arabia Buy Now Pay Later – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 3: Saudi Arabia Buy Now Pay Later – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 4: Saudi Arabia Buy Now Pay Later – Revenues (US$ Million), 2020-2029
Table 5: Saudi Arabia Buy Now Pay Later – Merchant Commission (US$ Million), 2020-2029
Table 6: Saudi Arabia Buy Now Pay Later – Missed Payment Fee Revenue (US$ Million), 2020-2029
Table 7: Saudi Arabia Buy Now Pay Later Pay Now – Other Income (US$ Million), 2020-2029
Table 8: Saudi Arabia Buy Now Pay Later – Active Consumer Base (Thousand), 2020-2029
Table 9: Saudi Arabia Buy Now Pay Later – Bad Debt (US$ Million), 2022-2024-2029
Table 10: Saudi Arabia Buy Now Pay Later – Two-Party Business Model (US$ Million), 2020-2029
Table 11: Saudi Arabia Buy Now Pay Later – Three-Party Business Model (US$ Million), 2020-2029
Table 12: Saudi Arabia Buy Now Pay Later – Convenience (US$ Million), 2020-2029
Table 13: Saudi Arabia Buy Now Pay Later – Credit (US$ Million), 2020-2029
Table 14: Saudi Arabia Buy Now Pay Later – Open Loop System (US$ Million), 2020-2029
Table 15: Saudi Arabia Buy Now Pay Later – Closed Loop System (US$ Million), 2020-2029
Table 16: Saudi Arabia Buy Now Pay Later – Standalone (US$ Million), 2020-2029
Table 17: Saudi Arabia Buy Now Pay Later – Banks & Payment Service Providers (US$ Million), 2020-2029
Table 18: Saudi Arabia Buy Now Pay Later – Marketplaces (US$ Million), 2020-2029
Table 19: Saudi Arabia Buy Now Pay Later – Gross Merchandise Value by Online Channel (US$ Million), 2020-2029
Table 20: Saudi Arabia Buy Now Pay Later – Gross Merchandise Value by POS Channel (US$ Million), 2020-2029
Table 21: Saudi Arabia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 22: Saudi Arabia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 23: Saudi Arabia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 24: Saudi Arabia Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 25: Saudi Arabia Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 26: Saudi Arabia Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 27: Saudi Arabia Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 28: Saudi Arabia Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 29: Saudi Arabia Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 30: Saudi Arabia Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 31: Saudi Arabia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 32: Saudi Arabia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 33: Saudi Arabia Buy Now Pay Later Retail Shopping Home Improvement – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 34: Saudi Arabia Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 35: Saudi Arabia Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 36: Saudi Arabia Buy Now Pay Later Travel – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 37: Saudi Arabia Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 38: Saudi Arabia Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 39: Saudi Arabia Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 40: Saudi Arabia Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 41: Saudi Arabia Buy Now Pay Later Service– Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 42: Saudi Arabia Buy Now Pay Later Service – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 43: Saudi Arabia Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 44: Saudi Arabia Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 45: Saudi Arabia Buy Now Pay Later Automotive – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 46: Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 47: Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 48: Saudi Arabia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 49: Saudi Arabia Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 50: Saudi Arabia Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 51: Saudi Arabia Buy Now Pay Later Others – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 52: Saudi Arabia Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 53: Saudi Arabia Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 54: Saudi Arabia Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 55: Saudi Arabia Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 56: Saudi Arabia Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 57: Saudi Arabia Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 58: Saudi Arabia Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029