Buy now pay later platform is providing advantages such as interest free credit, no upfront full payments for the goods, helps to boost the sales of the goods, and it is affordable for the customers. Furthermore, increasing preference for cashless transaction is boosting the adoption of buy now pay later platform market in the MENA and CIS region.
As of 2021, the MENA and CIS Buy Now Pay Later Platform Market was valued at U.S.$ 1152.7 Million and is expected to reach U.S.$ 2393.8 Million by 2030 at a CAGR of 8.2% during the years (2021-2028)
Prominent Companies in the Mena And Cis Buy Now Pay Later Platform Industry:
1) PayPal Holdings, Inc.
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee. The company was founded in the year 1998, and the headquarters are located in San Jose, California.
In January 2021, PayPal became the first foreign operator with 100% control of a payment platform in China, gaining an advanced position in the local online payment market.
2) Afterpay Limited
Afterpay Limited (abbreviated as Afterpay) is an Australian financial technology company best known for its buy now, pay later (BNPL) service. It operates in Australia, the United Kingdom, Canada, the United States, and New Zealand. The company was founded in the year 2014, by Nick Molnar and Anthony Eisen.
In November 2021, Afterpay announced that they would launch BNPL for subscriptions, such as for gym memberships and entertainment subscriptions, to U.S customers.
3) Klarna Bank AB,
Klarna Bank AB, commonly referred to as Klarna, is a Swedish fintech company that provides online financial services such as payments for online storefronts and direct payments along with post-purchase payments. Klarna's core service is to provide payment processing services for the e-commerce industry, managing store claims and customer payments. The company was founded in the year 2005, and the headquarters are located in Stockholm, Sweden. The company was founded by Sebastian Siemiatkowski, Niklas Adalberth and Victor Jacobsson.
In November 2021, Klarna launched to U.S. consumers a "Pay Now" service to pay immediately and in full to any online retailer that supports Klarna. In March 2022, Klarna announced the completion of its acquisition of the comparison shopping service company, PriceRunner.
4) Sezzle
Sezzle is a publicly traded financial technology company. The company provides an alternative payment platform offering interest-free instalment plans at selected online stores. As of June 2021, the Sezzle platform had over 10 million user sign-ups and over 48,000 participating merchants. The company was founded in the year 2016, and the headquarters are located in Minneapolis, U.S. Sezzle operated in the United States and Canada.
In 2021, Sezzle has begun operating in the Brazilian Market. The same year US major retailer Target Corporation announced that it had chosen Sezzle as it preferred "Buy Now, Pay Later" partner making it the first top 5 US retailer to partner with a BNPL provider.
5) Payl8r
Payl8r is a flexible, convenient, and modern method of paying for goods and services online and in-store. The company provides customers with an attractive and beneficial alternative to credit cards.
It also provides easy use and a range of financing options to the customers. Payl8r was founded in the year 2014, and the headquarters are located in Manchester, Lancashire.
6) Laybuy
Laybuy is a global leader in Buy Now, Pay Later payments technology. The company has grown to be used in thousands of stores with shoppers around the world using the platform every day. The company was founded in the year 2017, and the headquarters are located in Auckland New Zealand.
