Why buy now pay later is on the rise across the GCC – ArabianBusiness.com
- Date: 04-Jan-2022
- Source: Arabian Business
- Sector:Financial Markets
- Country:Gulf
Why buy now pay later is on the rise across the GCC – ArabianBusiness.com
In these times of economic uncertainty, and as coronavirus continues to wreak global havoc, buy-now-pay-later (BNPL) products are overtaking credit cards as a more convenient and transparent method to finance transactions.
BNPL’s popularity has been supported by the growth of e-commerce over the past two years with the pandemic forcing consumers to shop from behind their screens. With the sector expected to become the new source of growth in retail, becoming almost a $50 billion market by 2025, the future appears bright for BNPL businesses, according to Hosam Arab, CEO and co-founder of tabby, a BNPL platform operating in the UAE, Saudi Arabia and Bahrain.
“I strongly believe that this is a payment method which is here to stay and to offer an important alternative to cash on delivery as a payment method or credit cards. Credit cards carry with them risks of overspending, being charged interest which accumulates and not enough transparency over what users are being charged for,” explained Arab.
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