Test phase of the Buy Now Pay Later service is receiving an overwhelming response from the public

The public's enthusiastic response to the test phase of the recently established Buy Now Pay Later (BNPL) service sanctioned by the Qatar Central Bank (QCB) is a sign of the enormous benefits the project offers, according to industry experts. With the help of BNPL, consumers in Qatar may purchase products and services immediately and spread out their payments over three months into four equal installments, helping them to manage their money more sensibly and effectively.

The Sharia-compliant financial model, which has no interest or fees, is becoming a highly sought-after payment mechanism that draws in businesses and customers worldwide.

As the initial batch of the BNPL programme, five businesses were approved by QCB in April: Spendwisor Inc., Qaiver FinTech LLC, HSAB for Payment Solutions, Mihuru LLC, and PayLater Website Services. 

With the five firms' acceptance into an exclusive sandbox initiative, customers in Qatar may now take advantage of never-before-seen financial flexibility, ushering in a new era.

The initiative's test phase began on July 17 and is expected to run for at least three months.

The GCC region's market is expanding thanks to an increasing number of people using BNPL to prevent credit card debt. Aside from this, the general public's increasing use of internet shopping, which is handy and lets people buy products from the comfort of their homes, is providing a promising market outlook. Furthermore, it stated that BNPL facility providers' increased emphasis on establishing and preserving customer confidence is providing investors in the GCC area with profitable development prospects. The $30.38 billion worldwide BNPL market was estimated in 2023. 

The market is expected to increase at a compound annual growth rate (CAGR) of 20.7% from $37.19 billion in 2024 to $167.58 billion by 2032, according to Fortune Business Insights.