by The MENA and CIS Buy Now Pay Later Platform Market provides customers with the option to purchase products and delay payment into interest-free installments. These platforms enable companies to offer credit to consumers without having to pre-screen them, while also driving higher order values and providing a frictionless checkout experience. By allowing customers to pay over time, BNPL platforms increase the affordability of purchases and open up new customer segments.
The Global MENA and CIS Buy Now Pay Later Platform Market is estimated to be valued at US$ 1554.49 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the MENA and CIS Buy Now Pay Later Platform Market are Toray Industries, Inc., Avery Dennison Corporation, Nan Ya Plastics Corporation, Jindal Poly Films Ltd (B.C. Jindal Group), Uflex Limited, SRF Limited, Cosmo Films Limited, API Group Plc, K LASER Technology Inc., and Polinas Plastik Sanayi ve Ticaret A.S. These players are focusing on expanding their presence through partnerships and mergers and acquisitions.
The growing MENA and CIS Buy Now Pay Later Platform Market Demand for interest-free installment plans is driving the adoption of BNPL platforms across various industries like electronics, fashion, home improvement, healthcare, and more. Buy Now Pay Later allows more consumers to access products and services that wouldn’t have been previously affordable.
Globally, BNPL platforms are entering new markets through strategic partnerships and acquisitions. North America and Europe currently dominate the market, but regions like Asia Pacific, Middle East, and Africa are emerging as high growth opportunities. International expansion allows platforms to tap into large underbanked population segments with expanding middle class.
Market Key Trends
One of the key trends in the MENA and CIS Buy Now Pay Later Platform Market is increased affordability driving higher cart values. By spreading payments over time with zero interest financing, BNPL makes big-ticket purchases feasible for more consumers. Retailers benefit from larger basket sizes per transaction powered by the affordability of BNPL. These platforms are also driving greater consumer engagement through recurring payment experiences. With post-purchase communication, BNPL providers can cultivate long-term customer relationships.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter the market due to the presence of established players and high costs involved in building brand recognition.
Bargaining power of buyers: Individual buyers have low bargaining power due to the availability of substitute payment options but large retailers have some bargaining power due to bulk purchases.
Bargaining power of suppliers: Platform providers have low bargaining power as there are many payment option providers in the market.
Threat of new substitutes: Threat of substitution is moderate as new payment methods like wallets and UPI continue to emerge.
Competitive rivalry: Intense competition among the existing platform providers to acquire more merchants and consumers.
Geographical regions
The Middle East region accounts for the major share of the MENA and CIS buy now pay later platform market in terms value owing to the availability of flexible payment options and growing young population in countries like Saudi Arabia and UAE.
Turkey is expected to fastest grow for the MENA and CIS buy now pay later platform market during the forecast period due to the rising internet penetration, increasing smartphone usage and development of digital payment infrastructure in the country.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
