Around 80% of the BNPL Market revenue in UAE was generated by Online mode of payment fueled by the Covid-19 pandemic: 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 In recent years, the UAE has seen a significant increase in digital transactions Because of the rise of e-commerce in the region, inter-governmental partnerships are being formed in order to make the UAE a digital hub. This is one of the major factors contributing to the rise of digital credit lending in the country, such as that of BNPL. Government support is also playing a significant role in the UAE’s surging digital penetration. Additionally, BNPL players in the UAE have only just entered the market and have cumulatively received approximately $40 million+ in funding which is likely to boost the BNPL services in the country. 2. Buy Now Pay Later industry in UAE has gained significant traction growing at a CAGR of ~92% in between 2019 and 2022 The Buy Now Pay Later industry in the UAE generated multi-million dollars in revenue in 2022, growing at a CAGR of 92% between 2019 and 2022. The UAE 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 an extra credit line, which BNPL services catered to. In 2022, the 30-40 age group was having the largest market share for BNPL services in the country. This is due to the growing working-age population, which is gradually shifting away from credit cards and toward BNPL as a mode of payment. 3. With an increasing consumer base and expanding partnerships with merchants and retailers, the country’s BNPL players have seen a boom in a short period of time The Middle East region has seen an increase in the number of companies offering BNPL solutions in just one year. They are making a name for themselves by adding value to merchants and providing simple financial products to customers. With so much going on at BNPL, its user base is making significant strides as well. With the decreasing impact of Covid-19, we are also seeing the return of offline shopping mode. The BNPL players will not pass up this opportunity. They have already begun collaborating with leading retailers to offer BNPL as a point-of-sale financing tool in physical stores at checkout points. Request For Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg4ODY3 4. Credit recovery, combined with customer overspending, is posing a significant challenge to the expansion of the BNPL market in the UAE BNPL service providers face the risk of being unable to recover loan amounts that customers fail to pay on time. Although there is a carry forward charge attached to late amounts, it may continue to accumulate on the consumers’ part. Regulators are concerned about the rising indebtedness and risk to consumers as the BNPL market expands rapidly. Moreover, unwise purchases are becoming more common as a result of unsecured credit risk assessment using these methods. The risks associated with the region’s competition are also extremely high. Companies in the nascent or growth stage need to figure out multiple revenue streams and different methods of financing such as a card, cashback, and loans or quick financing to survive the competition. 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