{"id":17939,"date":"2022-07-29T11:32:26","date_gmt":"2022-07-29T11:32:26","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=17939"},"modified":"2022-08-04T13:10:33","modified_gmt":"2022-08-04T13:10:33","slug":"buy-now-pay-later-schemes-increasingly-popular-in-the-uae","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/07\/29\/buy-now-pay-later-schemes-increasingly-popular-in-the-uae\/","title":{"rendered":"Buy-now-pay-later schemes increasingly popular in the UAE \u00a0"},"content":{"rendered":"
\nBuy-now-pay-later platforms are expected to grow across the UAE and the greater region.<\/p>\n
The UAE<\/a> was deemed a market with significant potential for financial technology by the Middle East and North Africa FinTech Association, with non-cash payments estimated to account for 70 per cent of purchase transactions by the end of next year.<\/p>\n Twenty-one per cent of consumers in the country have already used buy-now-pay-later schemes, with more than 31 per cent intending to do so in the next 12 months, according to analysis of consumer habits in the Middle East by global payment platform Checkout.com.<\/p>\n Buy-now-pay-later platforms are popular among customers because of their efficiency, convenience and promise of no interest or added fees, given instalments are timely paid.<\/p>\n Although used by consumers of all ages, buy-now-pay-later schemes are particularly popular among millennials and Gen Z consumers.<\/p>\n \u201cCustomers benefit from rapid gratification, a flexible return policy, easy access to credit and the ability to manage their finances by spreading the cost of purchases over a predetermined time frame,\u201d Nick Curran, head of Middle East and North Africa operations at software development company Endeva, told Khaleej Times<\/em>.<\/p>\n Brands registered with such platforms can also profit, thanks to increased sales and customer loyalty and fewer cases of cart abandonment.<\/p>\n Buy-now-pay-later schemes operate with no risk to registered brands since platforms pay retailers instantly and cover administrative costs.<\/p>\n