Tamara taps into UAE’s BNPL segment set to double in the next twelve months

Tamara taps into UAE’s BNPL segment set to double in the next twelve months

Saudi Buy Now Pay Later (BNPL) platform, Tamara, is officially expanding to the UAE. It comes as new research by Checkout.com reveals that UAE consumers are among those most likely to use BNPL this year. Customers across the Emirates will now be able to split their payments interest-free at leading retailers like Namshi, SHEIN, Styli, Fitness Time, Faces and Swarovski, with hundreds more merchants anticipated to sign up in the coming months.

According to the MENA FinTech Association. the UAE is a leading market for financial technology in the MENA region. Non-cash payments have already surpassed cash payments across all transactions, and are expected to reach more than 70 percent of transactions by 2023.

Checkout.com’s survey concluded that 31 percent of residents are planning to use the technology in the coming 12 months, more than doubling the 21 percent in the country who have already used BNPL so far this year. The UAE was followed by Saudi Arabia at 27 percent, Kuwait at 26 percent and Bahrain at 18 percent. According to the research, which was conducted across the MENAP region, Qatar was in top place at 36 percent.