The gross merchandise value of the Africa and Middle East Buy Now Pay Later industry is expected to reach $82.9 billion by 2028

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Dublin, Oct. 14, 2022 (GLOBE NEWSWIRE) — ‘Buy now, pay later’ business and investment opportunities in Africa and the Middle East – Over 75 KPIs on ‘Buy now, pay more’ trends later” by end-use sectors, operational KPIs, market share, retail The report “Product Dynamics, and Consumer Demographics – Q3 2022 Update” has been added to from ResearchAndMarkets.com offer.

The BNPL payment industry in Africa and the Middle East has recorded strong growth over the past four quarters, supported by increased e-commerce penetration as well as the impact of the economic slowdown due to the disruptions caused by the epidemic. of Covid-19.

According to the publisher, BNPL payments in the region are expected to increase by 74.6% on an annual basis to reach $13,053.4 million in 2022.

The medium to long term growth story of the BNPL industry in Africa and the Middle East remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, registering a CAGR of 36.1% during 2022-2028. BNPL’s gross merchandise value in the region will increase from US$7,475.3 million in 2021 to US$82,971.0 million by 2028.

Over the past four to eight quarters, the use of buy now, pay later (BNPL) goods and services has steadily increased in the Africa and Middle East region. The explosive growth of the e-commerce sector in the Middle East and North Africa will also help BNPL’s market to grow. Over the next three to four years, more companies are expected to increase their investments and expand their presence in the MENA region as the market develops and competition continues to intensify.

BNPL Suppliers Target B2B Segment to Drive Next Phase of Growth in South Africa

Globally, BNPL vendors are targeting the B2B segment to drive the next phase of growth after gaining popularity among consumers over the past two years. Similar trends are visible in South Africa, where BNPL vendors are targeting the B2B segment in 2022. For example,

  • In March 2022, Payflex and Merchant Capital, the two South African Fintechs, announced the launch of a cash advance solution aimed at offering credit services to small and medium merchants in the country. As part of this collaboration, the companies have launched FlexiAdvance, the service that will provide SMEs with access to finance within 24 hours of applying.

  • In South Africa, Payflex merchants have achieved 30% higher average order values ​​by offering the BNPL service to their customers. The new value-added service, FlexiAdvance, is expected to further help SMEs accelerate their business growth by accessing finance through the Payflex platform.

As demand for credit among SMEs increases in South Africa amid global economic uncertainties, the publisher expects more businesses to enter the B2B BNPL segment in South Africa in the short to medium term. .

Global pandemic-induced lockdowns and social distancing measures have accelerated consumers’ shift to online payment and other digital financial services. Following the global pandemic outbreak, markets like Saudi Arabia have also seen a rapid increase in short-term credit options, such as buy it now, pay later (BNPL).

While Gen Z and Millennials were the first to adopt the BNPL payment method in Saudi Arabia, the trend is expected to accelerate among consumers of different age groups over the next three to four years.

National BNPL Companies Eye Regional Expansion to Boost Market Share and Growth

In 2022, the adoption of deferred payment services is expected to grow significantly, especially in the United Arab Emirates. Therefore, domestic BNPL companies are considering regional expansion to capitalize on the strong growth potential of the BNPL industry in the Middle East. For instance,

  • In June 2022, Tamara, a leading BNPL platform based in Saudi Arabia, announced that the company was preparing to expand its operations in the United Arab Emirates. Notably, the expansion comes after a February 2022 report from Checkout.com, one of Tamara’s main investors, said BNPL usage is expected to grow by 31% over the next 12 months in the UAE. United.

UAE-based BNPL startups raise funding rounds to support their business expansion in the region

The BNPL market is expected to witness accelerated growth amid growing consumer demand in the Middle East and North Africa region. Hence, companies are raising funding rounds to capitalize on the trend and expand their market share by expanding their presence in more Middle Eastern countries. For instance,

  • In March 2022, Tabby, one of BNPL’s leading players in the UAE, announced that the company had raised US$54 million in an extended Series B funding round, led by Sequoia Capital. India and STV. The industry in the GCC region is still in its infancy, but adoption has increased significantly over the past year, and this trend is expected to continue. Therefore, tabby plans to use the funding round to expand its presence in more countries in the Middle East.

  • In May 2022, Cashew announced that the company had raised $10 million from Mashreq Bank. As part of the investment, Cashew’s BNPL payment platform will be integrated with Neopay, Mashreq’s payment subsidiary. In particular, like tabby, the firm should strengthen its presence in the MENA region in the short and medium term. Mashreq is expected to support Cashew in launching services in Egypt in Q4 2022.

This title is a bundled offer, combining the following 9 reports:

1. Africa and Middle East Buy Now Pay Later Insight Brief
2. Africa & Middle East Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
3. Egypt Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
4. Israel Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
5. Kenya Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
6. Nigeria Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
7. Saudi Arabia Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
8. South Africa Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
9. UAE Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook

Scope

Country reports for this bundle provide in-depth analysis of the Buy Now, Pay Later industry. Below is a summary of the main market segments:

BNPL Market Size and Spending Pattern

  • Gross Commodity Value Trend Analysis

  • Analysis of trends in the average value per transaction

  • Trading volume trend analysis

Buy now, pay later Operational KPIs

  • Revenue from buy-it-now and pay-later, 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 and Other Revenues, 2019 – 2028

  • Accounts Buy Now Pay Later, 2019 – 2028

Buy Now Pay Later Market Share Analysis by Key Players (40+ Players)

Buy Now, Pay Later Spend Analysis by Channel: Market Size and Forecast

  • online channel

  • POS channel

Buy Now, Pay Later in Retail: Market Size and Forecast

  • Gross Commodity Value Trend Analysis

  • Analysis of trends in the average value per transaction

  • Trading volume trend analysis

Buy Now, Pay Later in Home Improvement: Market Size and Forecast

  • Gross Commodity Value Trend Analysis

  • Analysis of trends in the average value per transaction

  • Trading volume trend analysis

Buy now, pay later in leisure and entertainment: market size and forecast

  • Gross Commodity Value Trend Analysis

  • Analysis of trends in the average value per transaction

  • Trading volume trend analysis

Buy Now, Pay Later in Health and Wellness: Market Size and Forecast

  • Gross Commodity Value Trend Analysis

  • Analysis of trends in the average value per transaction

  • Trading volume trend analysis

Buy now, pay later in Other: market size and forecast

  • Gross Commodity Value Trend Analysis

  • Analysis of trends in the average value per transaction

  • Trading volume trend 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 with essential KPIs such as gross commodity value, volume, and average value per trade.

  • Overview of Opportunities by End-Use Sectors – Obtain market dynamics by end-use sectors to assess emerging opportunities in various end-use sectors.

  • Develop market-specific strategies: identify growth segments and target specific opportunities to formulate BNPL’s strategy; assess key market-specific trends, drivers, and risks in the BNPL industry.

  • Gain insights into consumer attitude and behavior: Drawing on proprietary survey results, this report identifies and interprets key Buy Now, Pay Later KPIs, including spend by age, gender and income level.

Companies cited

  • value

  • Wildcat

  • Valeo

  • Simpl

  • Separate it

  • jifiti

  • Sunbit Israel

  • Load after

  • Box

  • aspire

  • Lipa later

  • miti

  • Flexible payment technologies

  • julla

  • PayQart

  • Care of CDs

  • Buynowpaylater.com

  • Jumia Flex

  • carnon

  • Tiger

  • Tamara

  • cashew payments

  • spotii

  • Post-payment

  • Mobicred

  • More time

  • payflex

  • just pay now

  • Pay

  • Tiger

  • zipper

  • spotii

For more information about this report visit https://www.researchandmarkets.com/r/9x6nqk

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