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UAE Buy Now Pay Later Services Market Companies Summary

Throughout the COVID-19 pandemic, various companies offering payment solutions like 'Pay in 4', 'Afterpay', 'QuadPay' and 'Affirm' experienced a surge in popularity in online shops. These businesses provide buy now, pay later (BNPL) solutions, giving consumers the ability to pay in interest-free installments, with fixed payment schedules and fast approval options. This has enabled customers to spend more than they typically could with other payment methods. In the UAE, these BNPL services have seen a significant uptake, especially among younger demographics. This trend has also extended to older age groups, who have been using these services more frequently. The growth of these firms has been driven by the rise of e-commerce, the convenience of their services, and the economic benefits they offer. However, the sector's expansion has been somewhat limited by the costs associated with late and returned payments. Despite this, the demand for delayed payments for online purchases and increased spending on luxury goods is likely to benefit these companies.