Abu Dhabi, 27 September 2020: First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions, has partnered with UAE-based fintech startup Tabby to enable acceptance of their Buy-Now-Pay-Later solution at FAB merchant partners. The very first roll-out of this solution has been at Al Futtaim-owned Toys R’ Us stores in the UAE.
This partnership further consolidates FAB’s position as the leading payment service provider in the UAE, and comes as part of the roll-out of FAB’s newly launched ‘Payment as a Platform’ initiative, whereby a full range of payment needs are consolidated in a single, digital-first package.
Arjun Vir Singh, EVP – Payments at Al-Futtaim Group, said: “In order to consistently meet the changing needs of our customers, we as a Group have taken a leadership role in the market to introduce ‘new-gen’ payment solutions for our brands. We were able to deliver Buy-Now-Pay-Later in an accelerated, safe and secure manner due to the collaborative partnership between our Brands, Tabby and FAB.”
Ramana Kumar, SVP – Head of Payments and Digital Banking, PBG at FAB, said: “Further demonstrating our commitment to our merchant partners by offering them a seamless payment experience, we are pleased to announce our partnership with Tabby which has been developed to enable customers greater flexibility on payment options. This is the first of our ‘Payment as a Platform’ solution offering and demonstrates our ability to integrate with fintech partners in the shortest possible time through our API-driven payment layers. For our valued merchant partner Al Futtaim, we are pleased to offer the UAE’s very first in-store ‘Buy-Now-Pay-Later’ option to their customers and together will continue to look at new ways to enhance their payment experience.”
Hosam Arab, Co-founder & CEO at Tabby said: “We at Tabby are very excited to launch our leading Buy Now Pay Later offering to FAB’s merchant partners and Al Futtaim’s retail consumers and offer them a truly omni-channel payment experience. Merchants looking to offer our payment solutions to their customers are able to participate right away thanks to the streamlined setup we have built together.”
With Tabby’s in-store Buy Now Pay Later solution, customers can instantly make purchases and pay using interest-free instalments of up to six months by registering with their mobile phone number and Emirates ID, and linking either a debit or credit card.
This collaboration is the latest in a series of partnerships within FAB’s objective to drive more digital solutions across the UAE and the wider region. These have been readily received by our merchant partners and include, among others, the use of Payit, a mobile wallet app that eliminates the need for cash.