Mubadala-backed Tabby teams up with Visa to introduce tap-and-pay BNPL card – The National

Mubadala-backed Tabby teams up with Visa to introduce tap-and-pay BNPL card – The National

Dubai-based buy now, pay later (BNPL) provider Tabby has teamed up with digital payments company Visa and payments infrastructure FinTech M2P to unveil the Tabby Visa Card.

The card will make in-store payments easier for customers as digital transactions continue to grow in popularity after the onset of the Covid-19 pandemic.

“Despite e-commerce growing in popularity, almost 90 per cent of retail shopping in the Middle East still happens offline,” said chief operating officer and co-founder Daniil Barkalov said on Tuesday.

“The Tabby Card will take our in-store solution to new heights, creating a seamless omnichannel experience for customers to pay over time, interest-free.”

The BNPL business model, which allows consumers to make online purchases instantly and spread out their interest-free repayments, has surged since the onset of the pandemic.

The industry is expected to grow by 10 to 15 times by 2025 worldwide, topping $1 trillion in annual gross merchandise volume by some estimates, according to a report by New York data research consultancy CB Insights.

The Tabby Card is currently being offered on an invite-only basis in the UAE. Shoppers can join the waiting list for early access, Tabby said.

“The Tabby Visa Card allows cardholders to evenly distribute the cost of goods at