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South Africa Buy Now, Pay Later Boom: $5.7 Billion Growth by 2027 Fueled by Credit Access & E-commerce Surge: Ken Research

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GURUGRAM, India, Feb. 19, 2024 /PRNewswire/ — South Africa’s Buy Now, Pay Later (BNPL) market is experiencing rapid growth, fueled by the increasing demand for flexible credit options and the booming e-commerce sector. Ken Research’s “South Africa Buy Now, Pay Later Market” report predicts a remarkable 14.8% CAGR, translating to a substantial $5.7 billion market size by 2027. This press release unpacks the key drivers, challenges, and exciting prospects shaping this dynamic landscape. 

 

Market Overview: Empowering Consumers, Boosting Retail 

Beyond simply offering delayed payments, BNPL services play a crucial role in expanding financial inclusion, making online shopping more accessible, and stimulating economic growth. In 2022, the market reached a size of $1.7 billion, and it’s on track for significant expansion, driven by: 

Limited Access to Traditional Credit: Restrictive access to credit cards and high interest rates make BNPL a viable alternative for many consumers. E-commerce Explosion: Rising internet penetration and mobile adoption fuel online shopping, creating a strong demand for BNPL solutions. Convenience & Affordability: Easy online application processes and manageable payment installments enhance consumer appeal. Merchant Benefits: Increased sales volumes and reduced cart abandonment rates benefit retailers adopting BNPL options. 

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Market Segmentation: Diverse Solutions, Tailored Needs 

The report delves into various segments of the South African BNPL market, offering a comprehensive view: 

Payment Cycle: Interest-free options within 3-6 months dominate (70%), followed by longer installment plans with interest (20%) and point-of-sale financing (10%). Industry: Retail & e-commerce leads the demand (60%), followed by travel & tourism (20%) and education (10%). BNPL caters to diverse purchase needs. Player Type: Established financial institutions hold the largest share (50%), followed by fintech startups (40%) and mobile network operators (10%). Players offer varying value propositions. 

Competitive Landscape: Local & Global Players Collaborate 

The market features a blend of established local players, global giants, and innovative startups: 

Local Champions: PayJustNow, Payflexi, and Mobi Credit cater to the local market with flexible solutions and partnerships with retailers. Global Titans: Klarna, Afterpay, and PayPal offer international expertise and diverse product offerings. Emerging Challengers: Fintech startups like Lamna and Easy Equities disrupt the market with innovative technologies and niche offerings. 

Challenges: Navigating the Road to Responsible Growth 

Despite the promising outlook, some challenges need to be addressed: 

Regulatory Framework: Lack of specific regulations for BNPL services can raise concerns about over-indebtedness and consumer protection. Data Security & Privacy: Protecting sensitive consumer data and ensuring responsible data practices are crucial for long-term trust. Financial Literacy: Educating consumers about responsible BNPL usage and potential risks is essential to avoid financial distress. Competition & Sustainability: Intense competition can lead to aggressive marketing practices and unsustainable business models. 

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Future Outlook: A Secure, Responsible, and Inclusive BNPL Ecosystem 

The South African BNPL market is poised for continued growth, driven by several exciting factors: 

Focus on Financial Inclusion: Partnerships with microfinance institutions and targeted offerings can expand access to BNPL for underserved communities. Technological Advancements: Integration with artificial intelligence and data analytics will enhance risk assessment and personalize consumer experiences. Regulatory Clarity: Establishment of clear regulations will promote responsible lending practices and build consumer confidence. Collaboration & Innovation: Partnerships between stakeholders will foster responsible growth, address challenges, and drive innovation. 

Key Takeaways for Stakeholders: 

This report offers valuable insights for various stakeholders in the South African BNPL market, including: 

BNPL Providers: Focusing on responsible lending practices, data security, and financial literacy initiatives. Investors: Identifying high-growth opportunities in segments like BNPL for underserved communities and innovative technologies. Retailers: Partnering with reliable BNPL providers, integrating seamless BNPL options, and ensuring transparency. Regulators: Developing clear and balanced regulations that protect consumers and promote responsible market growth. Consumers: Understanding the terms and conditions of BNPL options, using them responsibly, and seeking financial advice if needed. 

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Conclusion: 

South Africa’s BNPL market stands on the cusp of a transformative journey, offering immense potential for financial inclusion, e-commerce growth, and economic development.

For More Insights On Market Intelligence, Refer To The Link Below: –

South Africa Buy Now Pay Later Market

Related Reports by Ken Research: –

Malaysia Buy Now Pay Later Market Outlook to 2027F Driven by Digitalization, Rising Tech-Savvy Population, Increasing M&A Deals, Partnerships between BNPL players and Banks along with shifting preference towards BNPL

According to Ken Research estimates, the Malaysia BNPL Market – which grew from approximately USD ~140 Mn in 2019 to approximately USD ~560 Mn in 2022 – is forecasted to grow further into USD ~2700 Mn opportunity by 2027F, owing to the New Government Policies, New Players in the Market and Partnership with Companies.

KSA Buy Now Pay Later Market Outlook to 2027 Driven by digitalization, government support as a part of Saudi vision 2030 increasing Genz & millennials population due to influx of expatriates coupled with shifting preference towards easy interest free extra credit line sources

The KSA BNPL marketis estimated to expand at a CAGR of ~xx% in between 2022P and 2027E on the basis of number of transactions done. Increasing adoption of cashless society with emergence of digital payments fueled by surging working age class will derive the traction of BNPL industry among the users in KSA Increasing demand for extra credit line with less stringent KYC procedures without relying on CIBIL scores will be traction for consumers for utilization of BNPL services.

UAE Buy Now Pay Later Industry Outlook to 2027 Driven by adoption of cashless society, increasing Genz & millennials population coupled with shifting preference towards easy interest free extra credit line sources

UAE BNPL market is expected to expand with a single digit CAGR in between 2022 and 2027 on the basis of revenue generated. It is anticipated that BNPL industry will grow at a substantial rate owing to factors such as due to wider acceptability at shops and better product offerings in a competitive landscape in the coming years. UAE has been culturally conservative towards BNPL and it is always seen as a debt trap instrument.

US Micro Lending Market Outlook to 2028 Segmented by Product (Micro-credit/ Micro-loans, Micro-savings, Micro-Insurance, and Remittances and Money Transfer), By End-User (Small enterprises, Solo entrepreneurs & self-employed, Farmers & Agriculture workers, and Healthcare Recipients)

The US Micro Lending market is expected to grow at a CAGR of 12 % from 2022 to 2028 with low-interest Rates, Ease of Access, Technological Advancements, flexible repayment schedules, and Alternative credit score models. As the market is anticipated to grow remarkably in the forecasted period thus the demand for microloans will also increase significantly.

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Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249

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Cangzhou Forum Seeks to Deepen Ties Between Chinese and Central/Eastern European SMEs

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The 6th China-CEEC (Cangzhou) SME Cooperation Forum Launches

CANGZHOU, China, Nov. 10, 2024 /PRNewswire/ – A news report by Xinhuanet:

On November 7, the 6th China-Central and Eastern European Countries (CEEC) (Cangzhou) SME Cooperation Forum commenced in Cangzhou, Hebei Province. The forum was jointly hosted by the China Centre for Promotion of SME Development (ProSME) of the Ministry of Industry and Information Technology (MIIT), the Hebei Provincial Department of Industry and Information Technology, and Cangzhou Municipal People’s Government. Supporting organizations include the China International Cooperation Association of SMEs (CICASME) and the Office of Foreign Affairs Commission of the CPC Hebei Provincial Committee. The event was co-organized by the China-CEEC (Cangzhou) SME Cooperation Zone and the Cangzhou Municipal Bureau of Industry and Information Technology.

This year’s forum, themed “Deepening Cooperation and Sharing Opportunities,” combines both offline and online formats, with a primary focus on in-person engagement. Key activities include the Opening Ceremony and Keynote Forum, the Zero-Carbon Energy and Green Industry Innovation Forum, the International Forum on Remanufacturing Industry, the International Forum on Aviation Industry and Low Altitude Economy, and the SMEs’ Cross-border Collaboration and Matchmaking Meeting, and the European Segment of the 2024 International SME Innovation and Entrepreneurship Competition.

Throughout the forum, leading experts and dignitaries from around the world delivered speeches under the theme ‘New Path for Pragmatic Cooperation between SMEs of China and CEECs.’ They emphasized the critical roles of sustainable energy, the digital economy, and trade and logistics in strengthening ties between China and Central and Eastern European countries. In parallel, the event featured a range of innovative activities aimed at building an international platform to foster industrial cooperation and exchanges among SMEs from the participating nations.

At the Zero-Carbon Energy and Green Industry Innovation Forum, participating specialists and researchers engaged in discussions on developing a zero-carbon economy. They explored new opportunities, technologies, models, and challenges associated with lithium, hydrogen, and energy storage, with the aim of collaboratively advancing the green economy.

By attracting leading European innovation projects, the European division of the 2024 International SME Innovation and Entrepreneurship Competition has successfully transformed a number of innovative ideas into real-world applications, enhancing the collaborative development of new technologies between Chinese and European SMEs.

The China-CEEC (Cangzhou) SME Cooperation Forum, now in its sixth year, has emerged as Hebei Province’s leading foreign affairs initiative. The forum has drawn high-profile participants from Slovakia, Serbia, Germany, Finland, and neighboring countries, as well as ambassadors to China, and executives from leading Chinese and international industry associations and businesses. It has also spurred numerous collaborative projects between China and Central and Eastern European countries, enhancing cultural exchanges, educational partnerships, and technology transfers.  

Cangzhou is positioning the forum as a premier, open platform designed to be engaging, impactful, and competitive. The city’s objective is to significantly improve and sustain high-level interactions and collaborations between China and Central and Eastern European countries across the manufacturing, technology, investment and trade sectors.

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ZURU backed BONKERS and Millie Moon brands achieve extraordinary recognition at the US 2024 Target Vendor Summit

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The ZURU-Backed Pet Treat and Nappy Companies Both Continue Record-Breaking Growth in the US Market

AUCKLAND, New Zealand, Nov. 11, 2024 /PRNewswire/ —  ZURU Edge brands, BONKERS and Millie Moon, are proud to announce that they have been recognized for Demand Generation at Target’s 2024 Essentials and Beauty Vendor Summit. The Target Vendor Summit honors a select group of vendors and partners who have demonstrated outstanding performance in driving traffic to Target stores. These brands are recognized for strong brand, content, and media strategies, packaging, and a consumer experience that drives repeat sales through product superiority.

Target is one of the largest retail chains in the United States, boasting over 1,900 stores across the country and generating approximately USD $100 billion in annual revenue. Known for its wide range of affordable products, from groceries and clothing to electronics and home goods, it caters to millions of American shoppers each week. An alternative to Walmart, Target has a distinct brand image, known for its clean stores, trendy merchandise, and iconic red bullseye logo.

This recognition is particularly special as New Zealand’s ZURU Edge brands were represented in 2 out of the 5 categories within consumables, and BONKERS was the only national, non-exclusive-to-Target brand to win across all categories.

Millie Moon Nappies are exclusive to Target in the US, and since launching in 2021, they have sold over 6.7 million packs, quickly becoming Target’s fastest-growing nappy brand. Millie Moon is the #1 most productive nappy brand at Target retailers, in both dollars and unit sales. Parents are passionate about Millie Moon nappies, as reflected in the 16,000+ 5-star reviews on Target.com, and best-in-class repeat purchase rates – In a Numerator study, Millie Moon holds the top spot for trip frequency within nappies, above Target’s other leading nappy brands.

BONKERS launched in October 2022 in response to the growing share of Millennial and Gen Z pet owners. The brand is part of the ZURU owned Rhodes Pet Science portfolio of brands and was built first-and-foremost to foster the bond between pets and their people, based on the insight that new generation pet parents expect more from their petcare brands. In just over 2 years, it has grown from a non-existent brand to one sitting on shelves in 13,500 stores across 3 countries with distribution points growing at 50% year-over-year. Within 1 week, it became the most-liked pet treats brand on TikTok globally, with over 80 million views on the BONKERS page and over 700 community posts under the #betterwhenitsBONKERS hashtag. The BONKERS award-winning marketing campaigns, matched with products that deliver on quality and affordable pricing have driven tremendous growth: 19% of total US industry cat treat growth last year with just 1.6% of shelf space. The momentum continues, with viral product BONKERS Purrpops hitting 8 of the top 25 emerging Google search terms against the topic ‘cat treat’ in the US. 

About Rhodes Pet Science:

Rhodes Pet Science is reimagining the future of pet care by engineering products that completely redefine what is possible. Its mission is to build a new generation of brands to better serve modern consumers: brands loved by pets and their people. Rhodes Pet Science’s portfolio of brands include: BONKERS, NOOD, Goodlands, Smart Box and Business Litter. Right now, Rhodes Pet Science is the fastest-growing pet food company in the world.

Rhodes Pet Science is proudly part of the ZURU Group. One of the fastest-growing consumer goods companies in the world, ZURU has established brands in 120+ markets worldwide, with a team of 5000+ employees based out of 26 global offices.

For more on Rhodes Pet Science, please visit: www.rhodespetscience.com  

About Millie Moon

Millie Moon launched in 2021 exclusively at Target in the US and expanded to Loblaws in Canada in 2023. The brand has made it their mission to provide a range of luxury nappies and sensitive wipes that are expertly crafted, luxuriously soft and designed to perform, all at an affordable price. They are passionate in their belief that every child deserves the best. Their award-winning products are available in over 2,000 stores in the US and Canada. As a company, they are also proud to support Reach Out and Read, an early literacy nonprofit helping children on their reading journey. 

For more on Millie Moon, please visit: https://mymilliemoon.com/

About ZURU

From its origins in toys, ZURU Group has grown to six consumer vertical brands, operating out of 26 offices worldwide, with products sold in 120+ markets.

ZURU is on a mission to disrupt across industries, challenge the status quo and catalyze change through radical innovation and automation advances. This is evident in different pillars of the company: ZURU Toys are reimagining what it means to play; ZURU Tech is reimagining the future of housing by leading the next building revolution; ZURU Edge is reimaging new generation FMCG brands to better serve modern household consumers. 

For more on ZURU, please visit: https://zuru.com/

For More Information:
Nicole Daley / Daley Public Relations
nicole@daleypr.com / 415.408.8664

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SOURCE ZURU Edge

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PropXP Launches, Redefining Prop Trading with Global Access

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PropXP Launches Global Prop Trading Platform, Empowering Traders with Flexible Challenges and Comprehensive Resources

HONG KONG, Nov. 10, 2024 /PRNewswire-PRWeb/ — PropXP, a new proprietary trading firm, is excited to announce its official launch on November 5, 2024, offering traders worldwide a unique and accessible approach to prop trading. With a focus on providing traders of all experience levels with attainable challenges and unparalleled resources, PropXP aims to reshape the prop trading landscape.

At PropXP, we’re breaking down barriers in prop trading to give every trader—from beginners to seasoned pros—the opportunity to succeed on their own terms. We’re here to empower and elevate the global trading community.

PropXP’s lineup includes both One-Step and Two-Step challenges, allowing traders to select a path that best aligns with their goals. Challenge prices range from just $30 for a $3,000 account up to $499 for a $100,000 account, making it possible for more traders to participate and advance their careers. Distinguishing itself from competitors, PropXP does not enforce a high watermark, a feature that allows traders to keep their focus on consistent growth without restrictive conditions.

“As we launch PropXP, our mission is clear: we aim to be the new gold standard for prop trading and open the doors for more traders than ever before to achieve their trading goals,” said Giorgos Piskopianos, CEO of PropXP. “Our accessible challenges, supportive trading resources, and commitment to providing realistic opportunities are at the heart of PropXP. We want to empower traders to reach new heights in their careers.”

In addition to its flexible challenge parameters, PropXP offers a comprehensive trading academy filled with educational resources, including in-depth tutorials and guides. With a commitment to accessibility, PropXP is poised to serve as a valuable platform for traders looking to refine their skills and achieve sustainable success in the financial markets.

About PropXP

PropXP is a global proprietary trading firm based in Limassol, Cyprus. Designed to support traders of all levels, PropXP provides accessible challenges, competitive trading conditions, and extensive educational resources. With a dedication to advancing prop trading, PropXP aims to empower traders worldwide.

For more information, please visit https://propxp.com

Media Contact

Giorgos Piskopianos, PropXP, 44 7789874973, social@propxp.com, https://propxp.com

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