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United Arab Emirates Buy Now Pay Later Business Report 2024-2029: Global Firms are Racing to Enter the Fast-Growing BNPL Industry in UAE

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DUBLIN, Feb. 9, 2024 /PRNewswire/ — The “UAE Buy Now Pay Later Business and Investment Opportunities Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics – Q1 2024 Update” report has been added to  ResearchAndMarkets.com’s offering.

BNPL payments in the country are expected to grow by 16.6% on an annual basis to reach US$3.04 billion in 2024.

The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 10.8% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$2.60 billion in 2023 to reach US$5.07 billion by 2029.

This 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 expected to grow at a steady pace over the medium term in the United Arab Emirates. The rising uptake of the payment method among shoppers, coupled with new entrants in the sector, will support the growth trajectory of the market in 2024. Existing BNPL providers are also raising funding rounds from venture capital and private equity firms.

With the market poised for growth over the next three to four years, authorities have been looking to regulate the unregulated sector. In the Emirates, the central bank has issued new guidelines for BNPL firms, requiring them to get licensed to operate in the market. The guidelines, coupled with the rising adoption, are projected to support sustainable industry growth over the next three to four years.

Firms are raising debt and equity rounds to further scale their product offering in the region

The demand for payment solutions like BNPL is poised to grow further in 2024. Consequently, to better serve consumer demand, firms are raising capital through debt and equity rounds in the Emirates.

Tabby, one of the leading UAE-based BNPL firms, announced that the firm had secured US$700 million in debt financing from JPMorgan, while also extending its Series D round to US$250 million in November 2023. The capital round further strengthens the position of Tabby in the domestic and regional markets, where it manages more than US$6 billion in annualized transaction volume. Tabby, notably, serves more than 10 million users and has partnered with over 30,000 brands.

The firm has been innovating with its product lineup, as it seeks to better meet the evolving needs of its users. Tabby, in 2023, launched Tabby Shop offering more than 500,000 products from thousands of brands. Tabby Card is also picking up pace, with transactions reaching more than 20% of the total volumes. To widen the distribution of its BNPL product, the firm is also forging strategic alliances in the Emirates. Tabby, in September 2023, entered into a partnership with Arabian Automobiles to offer enhanced convenience and flexibility for vehicle maintenance and repairs.

Furthermore, firms are also expected to raise venture capital and private equity funding, thereby driving innovation and a competitive landscape in the sector.

Global firms are entering the fast-growing buy now pay later industry in the United Arab Emirates

The BNPL industry is projected to grow steadily over the next three to four years, amid rising adoption of the payment method. To tap into the growing market, global firms are entering into the industry with their solutions.

Alif, one of the leading global fintech firms, launched its financial services suite in the United Arab Emirates market in September 2023. The financial services suite includes products like send now pay later, buy now pay later, and fly now pay later, among others. The firm also launched global remittance services for residents in the United Arab Emirates.

As the market continues to grow and more global players launch their products in the Emirati nation, the competitive landscape is poised to grow even further from the short to medium-term perspective.

The Central Bank issued new guidelines for buy now pay later firms in the United Arab Emirates

The Central Bank, in December 2023, announced new regulations to oversee BNPL services. According to the UAE Central Bank, businesses providing BNPL services must operate as agents of licensed banks or financial institutions, with approval from the central bank.

Fintech companies in the BNPL sector can also offer short-term credit services after obtaining a license as restricted license finance companies. Unlicensed entities providing short-term credit must either apply for a license or collaborate with licensed banks to continue their services.

The central bank has defined short-term credit as credit granted for up to 12 months for purchasing goods or services without interest, collateral, or a security deposit. This regulation aligns with the growing global trend of BNPL services, driven by increased consumer demand for flexible payment options and the expansion of e-commerce. These guidelines will serve as the foundation for further regulatory activities for the BNPL sector in the Emirates.

Scope

UAE BNPL Market Size and Spending Pattern, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later Revenue Analysis, 2020-2029

Buy Now Pay Later RevenuesBuy Now Pay Later Share by Revenue SegmentsBuy Now Pay Later Revenue by Merchant CommissionBuy Now Pay Later Revenue by Missed Payment Fee RevenueBuy Now Pay Later Revenue by Pay Now & Other Income

UAE Buy Now Pay Later Operational KPIs & Statistics, 2020-2029

Buy Now Pay Later Active Consumer BaseBuy Now Pay Later Bad Debt

UAE BNPL by Purpose, 2020-2029

Convenience – Short Term LoansCredit – Long Term Loans

UAE BNPL by Business Model, 2020-2029

Two-Party (BNPL offered by retailers)Three-Party BNPL Offering

UAE BNPL by Merchant Ecosystem, 2020-2029

Open Loop SystemClosed Loop System

UAE BNPL by Distribution Model Analysis, 2020-2029

StandaloneBanks & Payment Service ProvidersMarketplaces

UAE BNPL Analysis by Channel, 2020-2029

Online ChannelPOS Channel

UAE Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later in Services: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later in Others: Market Size and Forecast

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

UAE Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

Sales Uplift by Product CategoryShare by Age GroupShare by IncomeShare by GenderAdoption RationaleAverage Monthly Expense segments

For more information about this report visit https://www.researchandmarkets.com/r/fz274v

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Tencent Launches Immersive Digital Experience of Newest World Heritage Site with Gametech

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The Beijing Central Axis is now ready for digital visitors from around the world

SHENZHEN, China , July 27, 2024 /PRNewswire/ — Tencent (0700.HK) today launched the largest virtual urban historical landscape created to date called Microcosm, an immersive experience that brings Beijing’s Central Axis to life online. The project launch coincides with the addition of the Central Axis to the World Heritage List by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

Microcosm, which can be accessed via the Digital Central Axis Weixin Mini Program (云上中轴), offers users an immersive guided tour of the landmark that they can enjoy at their own pace. Guided by avatars, anyone with a smartphone can explore the 3D virtual replica of the heritage site in the Chinese capital in breathtaking detail. Users can explore the Digital Central Axis throughout its history, even areas and scenes that may have been damaged or are no longer visible in real life.

The Mini Program also provides a platform for the Digital Watchman project, an innovative crowdsourced conservation initiative launched in December 2023. By simply scanning QR codes, taking photos and uploading inspection reports through the Mini Program, locals and visitors can become citizen stewards, logging signs of deterioration or damage. Citizen conservation reports make it easier to maintain a large heritage site like the Central Axis.

“Through our digital capabilities and gametech, and with our partners, we are exploring a creative path to bring cultural heritage to life in the digital era. The Digital Central Axis Project exemplifies how digital innovation can be used not only to conserve, but also to revitalize these important cultural monuments,” said Zhan Shu, Head of Digital Culture Lab, Tencent’s Sustainable Social Value Organization.

The Axis is well known inside China but may be less familiar in other parts of the world. It stretches approximately 7.8 kilometers from north to south in the capital city, reflecting Chinese imperial design and urban planning that began in the 13th century. The site includes 15 heritage landmarks such as the Forbidden City, the Bell and Drum Towers, Jingshan Hill, and the Temple of Heaven. Its symmetry and layout reflect a traditional system of order and harmony between humans and nature that has prevailed from the Yuan, Ming, and Qing dynasties all the way through to the China of today.

Microcosm took three years to create, using high-definition scanning, modeling, PCG auto-generation, and other game technologies. A sophisticated five-level map mode covers 200km x 200km and includes 300,000 plants and 2.2 million buildings, as well as hills and water features. In all, the virtual space contains over 15 terabytes of 3D data and a total of 10.4 billion facets.

As part of the Digital Central Axis Project, Tencent has also woven the elements of the cultural wonders into many scenarios — including music, videos, animations and even mobile games — for conservation and research purposes. For example, millions of young people have found creative and innovative ways to take part in games licensed with the Beijing Central Axis intellectual property, which in turn has created favorable public sentiment for cultural preservation.

To date, the Digital Central Axis Weixin Mini Program has logged more than 4.5 million visits, 800,000 registered users, and 17,000 Digital Watchman volunteers contributing more than 70,000 inspection photos leading to proactive conservation.

The Digital Central Axis project shows the power of big data, cloud computing, gametech, AI, and knowledge maps in conservation and heritage projects. The technologies can create meaningful experiences, help engage the public, and protect more of the world’s cultural treasures in the digital era.

For media inquiries, please contact us at gc@tencent.com

About Tencent

Tencent is a world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world.

Founded in 1998 with its headquarters in Shenzhen, China, Tencent’s guiding principle is to use technology for good. Our communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even have fun.

Tencent publishes some of the world’s most popular video games and other high-quality digital content, enriching interactive entertainment experiences for people around the globe.

Tencent also offers a range of services such as cloud computing, advertising, FinTech, and other enterprise services to support our clients’ digital transformation and business growth.

Tencent has been listed on the Stock Exchange of Hong Kong since 2004.

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OKX and Manchester City Launch ‘Unseen City Collectibles Quest’: A Digital Treasure Hunt during City’s USA Tour

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Fans in New York City, Orlando, and Columbus challenged to find digital collectibles hidden at landmarks around their cities with chances to win exclusive prizes including match tickets and merchandise

NEW YORK, July 27, 2024 /PRNewswire/ — OKX, a leading global crypto exchange and Web3 technology company, and Manchester City today launched the ‘Unseen City Collectibles Quest’, an augmented reality (AR) powered treasure hunt that challenges and rewards fans for finding hidden digital collectibles in host cities during Manchester City’s pre-season USA tour.

The ‘Unseen City Collectibles Quest’ will take place at three separate locations – New York City on July 27, Orlando on July 30 and Columbus on August 3 – as Manchester City return to the USA for their 2024/25 pre-season tour.

In each city there will be four digital collectibles hidden in key landmark locations for fans to find and redeem. Fans who collect all the digital collectibles in a city will have the chance to instantly win exciting prizes including tickets to the corresponding pre-season matches and vouchers for Official Manchester City merchandise.

Building on the success of the previous ‘Unseen City Shirts Digital Collectible’ campaign fans will also get the chance to win physical versions of the ‘Unseen City Shirts’. 

Additional prizes will be announced throughout the duration of the campaign and fans can join the ‘Unseen City Collectibles Quest’ Experience in New York City, Orlando and Columbus through visiting this website from the 27 July.

OKX CMO Haider Rafique said: “We partner with Manchester City to bring innovative and engaging Web3 experiences to new audiences around the world. The ‘Unseen City Collectibles Quest’ combines the excitement of AR and on-chain technology with the passion of football, creating a memorable adventure for everyone involved and bringing fans closer to the value of Web3.”

VP, Global Partnerships Marketing and Operations at Manchester City, Tom Boyle said: “Our pre-season tour is always a special time for connecting with our fans and collaborating with our partners across the globe. This year, in conjunction with our partner OKX, the ‘Unseen City’ campaign takes it to the next level by blending physical landmarks with digital engagement, providing a truly unique way for our supporters in the USA to get involved.”

To join the ‘Unseen City Collectibles Quest’ visit the web platform starting July 27 and embark on an exciting journey to discover digital treasures and win amazing prizes. The ‘Unseen City’ online platform will feature an interactive map guiding fans to the locations of the collectibles.

For more information and updates, please visit the official Manchester City website and follow OKX and Manchester City on social media.

Participants must be aged 18+.

Learn more at okx.com

About OKX

OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest, most secure and reliable crypto apps in the world and is a top partner of Manchester City FC, McLaren Racing and the Tribeca Film Festival.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide (i) investment advice or an investment recommendation, (ii) an offer, solicitation, or inducement to buy, sell or hold digital assets, or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, are subject to market volatility, involve a high degree of risk, and can lose value. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. Please consult your legal/tax/investment professional for questions about your specific circumstances. Not all products are offered in all regions. For more details, please refer to the OKX Terms of Service and Risk & Compliance Disclosure. OKX Web3 Wallet and its ancillary services are subject to separate terms of service.

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MadApes Expands into Solana, Base, Blast, Polygon, Avax, and Matic to Boost Crypto Project Visibility and Engagement

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MadApes Announces Strategic Expansion into Leading Blockchain Ecosystems

SAN DIEGO, July 27, 2024 /PRNewswire-PRWeb/ — MadApes, a prominent player in the blockchain industry, has unveiled its expansion into several key blockchain ecosystems including Solana, Base, Blast, Polygon, Avax, and Matic. This strategic move aims to significantly enhance visibility and engagement for cryptocurrency projects, solidifying MadApes’ presence across multiple platforms and offering robust support for diverse blockchain innovations.

Broadened Focus
MadApes has built a reputation for effective marketing campaigns and active community engagement. Recognizing the increasing significance of alternative blockchain platforms, the company aims to leverage its growing user base. By expanding its focus to multiple chains, MadApes intends to offer customized marketing solutions that enhance project visibility and foster community interaction across these newer ecosystems.

Leadership Statement
CEO of MadApes @theT1T4N highlighted the importance of innovation and responsiveness to market changes. @theT1T4N stated, “Our expansion into multiple blockchain ecosystems reflects our dedication to staying ahead in the fast-paced world of cryptocurrency marketing. By extending our services to projects on Solana, Base, Blast, Polygon, Avax, and Matic, we aim to provide comprehensive marketing solutions that support visibility and growth on diverse platforms.”

Industry Trends and Alignment
This strategic move aligns with broader industry trends toward blockchain interoperability and cross-chain compatibility. As projects increasingly seek to utilize the unique features of various networks, MadApes’ expansion positions it as a versatile partner capable of meeting these diverse needs. The company’s strategy not only addresses current market demands but also anticipates future developments in the multi-chain ecosystem.

Community and Philanthropy
MadApes has generously contributed to Emanem’s food donation drive, making it possible to reach more people in need. Through this joint effort, MadApes helps Emanem and aims to provide essential food supplies to individuals and families struggling with food insecurity.

Reception from the Community and Projects
The announcement has garnered positive responses from both existing and prospective projects. Many within the Solana, Base, Blast, Polygon, Avax, and Matic ecosystems have shown interest in leveraging MadApes’ expertise to boost their marketing efforts. This reception underscores the company’s reputation for adaptability and forward-thinking strategies.

Commitment to Excellence
As MadApes ventures into new blockchain ecosystems, it remains committed to maintaining the high standards of excellence and innovation that have characterized its marketing services. The company’s expanded focus is expected to have a significant influence in shaping the success of projects across diverse platforms.

Engage with MadApes
Crypto enthusiasts and project teams can stay informed and engaged through MadApes’ various channels:

Call Channel – https://t.me/mad_apes_callGambles Channel – https://t.me/mad_apes_gamblesCommunity Lounge – https://t.me/mad_apesTwitter – https://x.com/madapescall

Visit their website at http://www.madapes.net for more information.

MadApes’ expansion marks a significant development in the cryptocurrency marketing landscape, offering broader opportunities for project visibility and community engagement.

Media Contact

Rachel Harris, Rachel Harris Pulse Media, 949-749-5349, info@pulsemediapr.com

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