BNPL provider Tabby launches virtual Visa card


Dubai-based supplier buy now, pay later Tiger announced on Tuesday (May 10) that it has partnered with Visa to launch a virtual card.

The map, created with the help of infrastructure company API Fintech M2P, is designed to make in-store payments easier for shoppers. Users can activate the card for free using the Tabby app, add it to their Apple Pay, Samsung Pay or Google Pay digital wallets and tap the payment terminal at checkout to split their payments into installments.

See more : UAE BNPL Tabby Raises $54M in Series B Funding Round

“Despite the growing popularity of e-commerce, nearly 90% of retail purchases in the Middle East are still done offline,” Tabby co-founder and COO Daniil Barkalov said in the announcement. .

“At Tabby, we set out to create rewarding shopping experiences wherever customers shop. The Tabby Card will take our in-store solution to new heights, creating a truly seamless omnichannel experience for customers to pay over time, without interest.

Founded in 2020, Tabby claims to have over 1.5 million users in Saudi Arabia and the United Arab Emirates. Its buy now, pay later (BNPL) service allows shoppers to split their purchases into four interest-free payments with merchants including Nike, Adidas, Dyson and IKEA.

For now, the card is invitation-only for consumers in the United Arab Emirates, although shoppers can join a waitlist to get early access. Tabby says he hopes to bring the card to other markets soon.

The news comes two months after Tabby raised $54 million in a Series B funding round, money the company said it would use to grow its product and enter new markets.

Learn more: Tabby remains independent amid growing consolidation in the MENA BNPL space

PYMNTS spoke to Tabby co-founder and CEO Hosam Arab last year about launching his business in a market where payment methods were very underdeveloped.

Arab said the payment methods “lack flexibility [and] they were very frustrating, so most customers basically opted to pay for e-commerce purchases in cash, which for an online retailer presented a lot of complexity and barriers to growth.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveyed 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

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