May 20, 2024
Business

Majid Al Futtaim Partners with Tabby to Introduce Flexible Payment Solutions

Dubai, UAE – 20 June 2023: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure group across the Middle East, Africa and Asia, today announced a long-term strategic partnership with Tabby, the MENA region’s leading shopping and financial services app.

This partnership, which is the first of its kind, brings together a Buy Now, Pay Later (BNPL) provider and an end-to-end shopping malls and retailer ecosystem to best serve customers. The partnership aims to replicate the successful BNPL model of seamless customer experience and affordable convenience into an omnichannel ecosystem, by offering interest-free credit over short-term instalment plans. This will be achieved while utilising cutting-edge payment product capabilities from both organisations. The collaboration will further enable customers to better manage their spending and make purchases more conveniently both in-store and online.

Currently, Tabby can be used in 15% 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. As 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.

Joe Abi Akl, Chief Corporate Development Officer, Majid Al Futtaim Holding, 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 4 million Tabby shoppers access to Majid Al Futtaim’s retail and lifestyle brands.”

Hosam Arab, Chief Executive Officer and Co-founder at Tabby, 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.”

Last Updated on 11 months by Middle East News 247

    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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