Amid the rising use of digitalization and tailwind from COVID-19, BNPL is continually gaining high acceptance in the GCC market. The BNPL companies based out of the Middle East have also witnessed enormous growth and have attracted investments. BNPL has the potential to emerge as a better replacement to credit cards owing to lower or no interest rates, transparency in financing cost and less documentation requirements. Likewise, BNPL also has the potential to replace cash and other different payment methods such as digital wallets and bank transfers as it is well embraced by millennials and Gen Z.
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