{"id":87840,"date":"2024-07-15T00:00:00","date_gmt":"2024-07-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/15\/bnpl-use-continues-to-pick-up-in-saudi-uae\/"},"modified":"2024-07-15T00:00:00","modified_gmt":"2024-07-15T00:00:00","slug":"bnpl-use-continues-to-pick-up-in-saudi-uae","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/15\/bnpl-use-continues-to-pick-up-in-saudi-uae\/","title":{"rendered":"BNPL use continues to pick up in Saudi, UAE"},"content":{"rendered":"

<\/strong>The use of Buy Now Pay Later (BNPL) platforms<\/strong> is booming in the Kingdom and the <\/strong>UAE<\/strong>, with one in five consumers using the services to make purchases last year, according to Redseer Strategy Consultants<\/a>. The increasing use of the alternative payment method in the region is led by homegrown BNPL players Tabby<\/a> and Tamara<\/a> along with UAE\u2019s Cashew<\/a>.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Key drivers<\/strong>: The report attributed the growth in BNPL in both Saudi and UAE to widespread access to banking services and a tech-savvy population. It said that a notable gap in credit card penetration \u201chas created an opportunity for BNPL players and hence its increased adoption in the region.\u201d Rapid digital transformation, significant investment in tech and a shift towards digital payments is also driving the platforms\u2019s growth in the two countries.<\/p>\n

A near zero interest is luring in more:<\/strong> \u201cThere is mostly zero interest rate and no requirement of credit score,\u201d the report said, with some BNPL platforms providing Shariah-compliant options, appealing to local consumers.<\/p>\n

REMEMBER<\/strong>- <\/strong>Fintech accounted for 79% of MENA's total venture debt-backed lending in 2023<\/a>, owed in large to Tamara and Tabby, which together raked in USD 600 mn of the total USD 601 mn financing for fintech players.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fintech accounted for 79% of MENA's total venture debt lending in 2023<\/p>\n","protected":false},"author":1,"featured_media":87841,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2724],"tags":[2369,10,2424,208,725,724],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-cashew","tag-enterpriseam-ksa","tag-finance","tag-fintech","tag-tabby","tag-tamara","wpautop","entry"],"acf":{"mongo_id":"2671ab26-21f7-4b4c-8941-ad7848fe5419","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1084.jpg","photo_position":"above","homepage_title":"","full_issue_title":"One in five consumers in Saudi, UAE used a BNPL service last year, study shows","related_issue":[87833],"teaser":"Fintech accounted for 79% of MENA's total venture debt lending in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.e456af67-bbb5-4bb5-bd4f-94761655129d.mp3"},"yoast_head":"\nBNPL use continues to pick up in Saudi, UAE - 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