Singapore Buy Now Pay Later Business and Investment Opportunities Databook - 90+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2026 Update

Key Trends and Drivers

BNPL consolidates under a regulated licensing framework

• Saudi Arabia’s BNPL sector is realigning around providers licensed by the Saudi Central Bank (SAMA). SAMA has issued additional permits to firms such as Tabby, Tamara, Spotii (Zip’s former regional arm) and more recently, smaller entrants offering instalment models through retail partnerships. SAMA’s supervision extends to governance, disclosure, and capital requirements. Providers have responded by modifying credit-policy processes and investing in compliance infrastructure.
• SAMA’s multi-year programme to formalise BNPL is part of a wider effort to strengthen credit-market stability and align consumer-protection standards with banking and finance regulations. Rising transaction volumes across ecommerce and offline retail have heightened the need for consistent underwriting and dispute-resolution standards. Retailers adopting BNPL, particularly in electronics, fashion, and travel, have pushed for providers with regulated operating models to reduce operational and reputational risks.
• BNPL growth is expected to consolidate around licensed providers with stronger balance sheets and compliance capacity. Entry barriers for new fintechs will rise, and partnerships with banks may intensify as regulated funding becomes more important. The competitive field will narrow but become more stable, supporting larger merchant integrations.

Embedded BNPL gains scale across retail ecosystems and wallets

• BNPL is increasingly embedded within retail and platform ecosystems rather than offered solely via standalone checkout buttons. Tamara has expanded its presence across major Saudi retailers and marketplaces, while Tabby is integrated into shopping app environments and loyalty platforms. At the same time, wallets such as STC Pay have integrated instalment functionalities through partnerships with regulated BNPL providers.
• Merchants prefer embedded payment flows that reduce checkout friction and unify customer management. The rapid expansion of ecommerce and app-based retail in Saudi Arabia, supported by logistics improvements and consumer adoption of digital wallets, creates natural channels for BNPL distribution. Providers benefit from embedded placement that increases repeat usage and transaction visibility, while retailers use BNPL to influence conversion rates and basket sizes.
• BNPL will become further embedded in retail ecosystems, with instalment choices appearing earlier in the shopping journey, not only at checkout. Wallets and super-apps are likely to integrate BNPL through API partnerships rather than developing proprietary instalment products. As embedded models expand, providers with strong merchant-tech capabilities will gain a competitive advantage.

Shift toward diversified revenue and funding models

• Saudi BNPL providers are adjusting their business models to diversify revenue sources and adopt more stable funding structures. Tabby moved to a debt-funding model supported by regional banks and investment funds, while Tamara expanded merchant-service components and fee-based offerings. Providers increasingly rely on structured financing rather than relying solely on equity.
• Higher funding costs globally and SAMA’s governance requirements have encouraged providers to secure long-term credit facilities. Additionally, as merchant bargaining power increases, BNPL firms are diversifying into settlement services, loyalty programmes, and co-branded payment features. The broader retail sector’s shift toward profitability and inventory discipline has pushed providers to refine risk-management practices.
• Funding models are likely to stabilise through partnerships with local banks and institutional investors. Revenue streams will expand beyond merchant fees to include value-added services such as dispute management, analytics, and customer lifecycle tools. Providers with robust underwriting and predictable portfolio performance will be better positioned to secure multi-year financing agreements.

Offline BNPL adoption accelerates as regulated players expand in-store integrations

• BNPL usage is expanding rapidly beyond ecommerce into physical retail. Major consumer-electronics chains, home-improvement stores, pharmacies, and fashion retailers in Saudi Arabia now display BNPL acceptance through Tabby and Tamara terminals or merchant QR flows. Providers are integrating with POS systems to offer instant in-store approvals.
• Retailers view in-store BNPL as an extension of their omnichannel strategy, especially in high-value categories such as consumer electronics and appliances. Regulated BNPL providers have improved authentication and KYC workflows that function reliably in physical environments. Consumers are increasingly accustomed to digital payment verification, lowering friction for in-store instalment use. Broader national initiatives promoting electronic payments have strengthened infrastructure for real-time approvals.
• Offline BNPL is expected to grow as a share of total BNPL transactions. POS integrations will become standard for large retailers, while smaller merchants will adopt QR-based or wallet-linked BNPL. Providers will differentiate through omnichannel consistency and dispute handling across online and offline purchases.

Competitive Landscape

Current State of the Market

• BNPL in Saudi Arabia operates within a regulated environment shaped by SAMA’s licensing framework, which has raised operational standards and narrowed the field to compliant providers. The market is concentrated around a few large fintechs, primarily Tamara and Tabby, that have significant coverage across ecommerce and offline retail.
• Competitive intensity is influenced by the expansion of POS-based BNPL, wallet integrations, and retailer demand for omnichannel instalment options. Banks have not launched standalone BNPL offerings but increasingly collaborate with fintechs on funding and distribution. Merchant preference for regulated providers has reinforced consolidation, with smaller or unlicensed operators facing higher barriers to entry.

Key Players and New Entrants

• Tamara and Tabby remain the dominant players, supported by wide merchant networks, app-based customer engagement, and partnerships with national retailers. Both achieved SAMA licensing and expanded into in-store integrations across electronics, home improvement, and lifestyle sectors.
• Smaller licensed firms also operate in the market, though with more limited reach. Over the past 12 months, new entrants have been minimal due to rising capital and compliance requirements. Entry is now largely through niche partnerships, for example, smaller fintechs offering instalment functionality through vertical-specific merchants.

Recent Launches, Mergers, and Acquisitions

• The past year has seen more activity in funding and partnerships than in M&A. Tabby secured new debt financing from regional banks and institutional investors to expand its loan portfolio, while Tamara formed partnerships with large retail groups to extend in-store acceptance. Neither company has undertaken major acquisitions in Saudi Arabia, but both continue to expand operational infrastructure and deepen integrations with PSPs and POS providers. SAMA’s licensing announcements remain the significant regulatory “events,” shaping which firms can operate and scale.

Report Scope

Singapore Retail Industry & Ecommerce Market Size and Forecast

• Retail Industry - Spend Value Trend Analysis
• Buy Now Pay Later Share of Retail Industry
• Ecommerce - Spend Value Trend Analysis
• Buy Now Pay Later Share of Ecommerce

Singapore Buy Now Pay Later Market Size and Industry Attractiveness

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
• Market Share Analysis by Key Players

Singapore Buy Now Pay Later Revenue Analysis

• Buy Now Pay Later Revenues
• Buy Now Pay Later Share by Revenue Segments
• Buy Now Pay Later Revenue by Merchant Commission
• Buy Now Pay Later Revenue by Missed Payment Fee Revenue
• Buy Now Pay Later Revenue by Pay Now & Other Income

Singapore Buy Now Pay Later Operational KPIs

• Buy Now Pay Later Active Consumer Base
• Buy Now Pay Later Bad Debt

Singapore Buy Now Pay Later Spend Analysis by Business Model

• Two-Party Business Model
• Third-Party Business Model

Singapore Buy Now Pay Later Spend Analysis by Purpose

• Convenience
• Credit

Singapore Buy Now Pay Later Spend Analysis by Merchant Ecosystem

• Open Loop System
• Closed Loop System

Singapore Buy Now Pay Later Spend Analysis by Distribution Model

• Standalone
• Banks & Payment Service Providers
• Marketplaces

Singapore Buy Now Pay Later Spend Analysis by Channel

• Online Channel
• POS Channel

Singapore Buy Now Pay Later By End-Use Sector: Market Size and Forecast

• Retail Shopping
• Home Improvement
• Travel
• Media and Entertainment
• Services
• Automotive
• Health Care and Wellness
• Others

Singapore Buy Now Pay Later By Retail Product Category: Market Size and Forecast

• Apparel, Footwear & Accessories
• Consumer Electronics
• Toys, Kids, and Babies
• Jewelry
• Sporting Goods
• Entertainment & Gaming
• Other

Singapore Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

• Spend Share by Age Group
• Spend Share by Default Rate by Age Group
• Spend Share by Income
• Gross Merchandise Value Share by Gender
• Adoption Rationale
• Spend by Monthly Expense Segments
• Average Number of Transactions per User Annually
• BNPL Users as a Percentage of Total Adult Population

Reasons to Buy

• Strategic and Innovation Insights: Gain clarity on the future direction of Singapore's Buy Now Pay Later market by analysing strategic initiatives, business model evolution, and innovation-led approaches adopted by key BNPL providers to strengthen market positioning.
• Comprehensive Understanding of BNPL Market Dynamics in Singapore: Assess market size, growth outlook, and structural shifts across retail and e-commerce, supported by detailed segmentation by channel, business model, distribution model, merchant ecosystem, end-use sector, and consumer demographics, underpinned by 90+ KPIs.
• Value and Volume-Based KPIs for Market Accuracy: Leverage a robust set of value and volume KPIs, including GMV, average transaction value, transaction volume, active users, revenue, and bad debt, to develop a precise understanding of BNPL adoption, usage intensity, and market maturity.
• Competitive Landscape Assessment: Obtain a clear snapshot of the BNPL competitive landscape in Singapore, including market share analysis of leading providers, enabling informed benchmarking and evaluation of market concentration and competitive intensity.
• Actionable Inputs for Market Entry and Expansion Strategies: Identify high-growth categories, priority end-use sectors, and distribution channels to fine-tune go-to-market and partnership strategies, while assessing key trends, regulatory considerations, and risk factors shaping the BNPL ecosystem.
• In-Depth Consumer Behaviour Analysis: Enhance ROI by understanding evolving consumer attitudes and spending behaviour, with insights into BNPL adoption drivers, usage frequency, income and age-based usage patterns, gender splits, and monthly expense segmentation.