The agreement will allow ecommerce merchants in the UAE using Network’s N-Genius™ Online gateway to accept this widely-used payment method. Buy Now, Pay Later (BNPL) solutions offer customers the convenience of dividing their purchases into interest-free payments, providing benefits for both customers and merchants.
The consumers are offered the possibility of splitting their purchases into four interest-free payments.
In the aftermath of the pandemic, as consumers shifted to online shopping for their necessities, Buy Now Pay Later (BNPL) has become an appealing and flexible payment solution.
Network International officials have stated that the implementation of Buy Now, Pay Later (BNPL) will better the checkout experience for ecommerce merchants, increase conversions, and broaden their customer base. Furthermore, BNPL is expected to have an important impact on the future of digital transactions, both globally and in the UAE.
This payment method has seen a significant rise in adoption due to its flexibility and ease of use. Major retailers and online platforms in the UAE are partnering with BNPL providers to offer their customers an alternative to traditional credit cards and loans. This trend is particularly appealing to younger consumers who prefer more control over their finances and are wary of accumulating high-interest debt.
As the BNPL market continues to expand, regulatory bodies in the UAE are keeping a close watch to ensure that consumers are protected from potential pitfalls such as overspending and financial mismanagement. Financial literacy campaigns are also being introduced to educate users about responsible borrowing and the importance of maintaining a healthy credit score.
Overall, BNPL is poised to help the retail landscape in the UAE, offering a win-win scenario for both consumers and businesses by bettering the shopping experience and driving sales growth.
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