BNPL tie up: Majid Al Futtaim partners with shopping and financial services app Tabby
Majid Al Futtaim, a specialist in shopping mall, communities, retail and leisure group across the Middle East, Africa and Asia, has announced a long-term partnership with Tabby, a shopping and financial services app.
This pair say that the tie up, pitched as 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 aim is to replicate the BNPL model of “seamless customer experience and affordable convenience into an omnichannel ecosystem, by offering interest-free credit over short-term instalment plans”.
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, says: "According to our Point of Sale data, BNPL 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.”
Hosam Arab, Chief Executive Officer and Co-founder at Tabby, says: "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."
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