The Buy Now Pay Later, BNPL, payments are expected to grow by 22.3 per cent on an annual basis to reach $9.2 billion in 2024.
This is according to a report by Research and Markets. The medium to long-term growth story of the BNPL industry in the region remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 16.
1 per cent during 2024-2029. The BNPL gross merchandise value in the region will increase from $7.5 billion in 2023 to reach $19.
5 billion by 2029. The report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.
The buy now pay later market is poised to grow at an accelerated pace in the Middle East and Africa markets over the medium term. The growth will be driven by the rising credit demand among consumers across age groups. In the Middle East, for instance, consumers are using the payment solution for luxury as well as essentials-related purchases.
This trend is projected to continue in 2024, aiding the broader industry growth. Recent developments in BNPL sector in Africa and the Middle East show that over the past six months, the BNPL sector in Africa and the Middle East has experienced notable product launches, partnerships, mergers, a.