UAE-based shopping mall developer Majid Al Futtaim has entered into a long-term strategic partnership with BNPL fintech Tabby.
The partnership aims to integrate the convenient BNPL model into an omnichannel ecosystem by offering interest-free credit over short-term instalment plans.
Chief corporate development officer at Majid Al Futtaim Holding, Joe Abi Akl, said: “According to Majid Al Futtaim’s point of sale data, buy-now-pay-later sales more than doubled in 2022 compared to the previous year.
“This is a clear indication that customers prefer convenience and flexibility when it comes to their shopping experience. Our partnership with Tabby addresses this growing demand for omnichannel payment solutions and provides the four million Tabby shoppers access to Majid Al Futtaim’s retail and lifestyle brands.”
Currently, Tabby can be used in 15 per cent of Majid Al Futtaim’s UAE mall tenants, particularly, in Mall of the Emirates, City Centre Deira, City Centre Mirdiff and City Centre Al Zahia.
Tabby’s BNPL platform can also be used when shopping online with Carrefour and Majid Al Futtaim’s lifestyle brands such as Lululemon, Crate & Barrel, The Lego Store and THAT Concept Store.
In phase two of the partnership, Majid Al Futtaim plans to expand the offering across the GCC and the company’s entire ecosystem. While using the facility in-store, customers will be given a Tabby Card, Tabby’s offline payment solution that will be further rolled out in the UAE across Majid Al Futtaim’s brands and mall tenants before being expanded internationally.
CEO and co-founder at Tabby, Hosam Arab, said: “We are thrilled to partner with Majid Al Futtaim, a leading retail and leisure pioneer in the Mena region. This partnership will allow us to bring the power of flexible payments to millions of people across the region, online and in-store. With Tabby, customers shopping at Majid Al Futtaim’s malls and stores can make the most out of their money and work towards reaching their financial goals.”
