BNPL as a mode of payment is witnessing a positive response from both retailers and customers in South Africa due to the perks and convenience attached to this service: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit 1. The Covid-19 pandemic is a driving force in exhilarating and paving the way for newer companies to enter the BNPL space in the country, in addition to external investments made in the industry To Know More about this report, download a Free Sample Report In the last couple of years, South Africa has seen tremendous growth in the digital economy. Because a large portion of the South African population has access to traditional bank accounts, as well as internet and mobile banking adoption. Therefore, there is plenty of room for credit service industries like BNPL to carve out a strong presence in the country. One of the main reasons why BNPL is such a strong mechanism in South Africa is that customers can pay the money in three equal instalments with no interest. Although there is a carry forward fee in the event that the shopper misses the payment deadline, it is almost non-existent, making the industry quite profitable in a region with a lower per capita income. 2. South Africa’s Buy Now Pay Later industry has gained significant traction, growing at a CAGR of 64.6% between 2019 and 2022. To Know More about industry trends, Request a free Expert call The Buy Now Pay Later industry in South Africa generated multi-million in revenue in 2022, growing at a CAGR of 64.6% between 2019 and 2022P. The South African BNPL market boomed during the COVID-19 pandemic because a large portion of the residents lost their jobs during this period and was surviving on their savings, which pushed for the need for additional credit lines, which BNPL services catered to. South Africa occupies a major chunk of fintech space in the African continent when compared to other African economies with respect to both financial services as well as insurance. Additionally, the high rate of mobile penetration in the South African market close to ~95% means a robust integration of BNPL technology in the fintech space in the country. 3. Consumers and investors are taking notice of the replacement of Layby through BNPL as well as the emergence of bank partnerships spurred by significant acquisitions like PayFlex by ZIP The Lay-by business model dominated the market in South Africa until the BNPL mechanism took off. It was the customary manner to make payments on items over time. Customers would put a minimum of 20% down payment and pay for the item in no-interest payments over a maximum of three months. The seller unit will keep the item until the full payment is paid. The Buy-Now-Pay-Later circuit has taken its position in the modern day. Furthermore, partnerships between banks and fintech would allow the former to expand into new, creative credit choices while supplying money to the latter due to the rise in BNPL participants. Banks, on the other hand, can offer exclusive products by creating their own platforms and funding these payment infrastructures. Additionally, banks can add BNPL services to their credit card offerings. 4. Rising indebtedness, combined with high costs to merchants caused by a lack of consumer awareness, is posing a significant challenge to the expansion of the BNPL market in South Africa. Visit this Link Request for a custom report Regulators are concerned about rising indebtedness and consumer risk as the BNPL market expands rapidly. With the use of BNPL services, unwise purchases are becoming more common as unsecured credit risk is assessed using these methods. BNPL providers, on the other hand, can help mitigate these risks by improving their monitoring and understanding of customers’ financial and transaction history and behaviour in order to provide a more accurate and secure credit risk assessment. In addition to these, as digital payments are still relatively new in the African market, rural consumer segments are often unaware of the latest trends in the BNPL industry. This, combined with the digital divide in the urban-rural setting, poses a significant challenge for merchants and BNPL players in South Africa Tags: Adoption of BNPL in South Africa, BNPL fintech Companies in South Africa, BNPL Latest Development in South Africa, BNPL Major Player Investment Analysis, BNPL Players Presence in Saudi Arabia, buy now pay later apps South Africa, buy now pay later Major platforms in South Africa, Buy Now Pay Later revolution In South Africa, Buy Now Pay Later Services Providers, Buy Now Pay Later solutions Providers in South Africa, Digital consumer finance space in South Africa, Digital Payments Market in South Africa, Emerging Players in South Africa BNPL Market, FinTech startup In South Africa, Future of Lending in Saudi Arabia, Installment Without Credit Card in South Africa, Investment Analysis of Major Players in BNPL Space, Investment Opportunities in South Africa BNPL Market, Leading Players in South Africa BNPL Market, Lending institutions in South Africa, Major Players in BNPL Market South Africa, Merger and Acquisition in BNPL South Africa, Mobicred South Africa Buy Now Pay Later Market Share, pay later online shopping in South Africa, PayFlex installment plan in South Africa, PAYJUSTNOW BNPL Market Revenue, post-purchase Market in South Africa, South Africa based buy now- pay later provider, South Africa BNPL Challenges, South Africa BNPL E-commerce giants, South Africa BNPL fintech Companies, South Africa BNPL Market, South Africa BNPL Market Size, South Africa BNPL Market Trends, South Africa BNPL startups, South Africa BNPL Transactions Market Size, South Africa Buy Now Pay Later Business, South Africa buy now pay later electronics Market, South Africa buy now pay later firms, South Africa Buy Now Pay Later Indsutry, South Africa Buy Now Pay Later Market, South Africa Buy Now Pay Later Market End Users, South Africa buy now pay later market growth, South Africa Buy Now Pay Later Services Market, South Africa offline BNPL Market, South Africa online BNPL Market, Startups in South Africa Buy Now Pay Later Market, Top Companies in Buy Now Pay Later South Africa, Top Funded Fintechs in South Africa, TymeBank South Africa BNPL Market Size, VC Firms in South Africa BNPL Market