Dubai-based buy now, pay later platform Tabby and payments company Paymob have signed a deal that allows businesses in Egypt to process Tabby's interest-free flexible payments solution via Paymob’s gateway.
The partnership between the two regional FinTech companies will create a "seamless" BNPL solution for both in-store and online retailers, the companies said on Tuesday.
It will help to develop an ecosystem that delivers value to merchants as well as customers, they said.
“Today, there is a strong demand for greater financial freedom and flexibility to enable consumers to make their purchases,” Ahmed Khalil, Tabby Egypt’s general manager, said.
“Partnering with Paymob allows our technology to be instantly accessible to their network of over 120,000 retailers in Egypt.”
Tabby, which is backed by Abu Dhabi’s sovereign investment arm Mubadala Investment Company, expanded into the Egyptian market earlier this month to capitalise on the growing e-commerce sector in the most populous Arab country.
Tabby offers consumers interest-free, flexible payment options as the cost of living continues to rise in the Arab world’s third-largest economy. The move is aimed at helping Egyptians to stay in control of their spending and make the most out of their money, the company said at the time.
Egypt's annual core inflation rate increased to 16.7 per cent annually, up from 15.6 per cent in July, central bank figures show.
The BNPL business model, which allows consumers to make online purchases instantly and spread their payments out over interest-free instalments, has boomed since the onset of the Covid-19 pandemic, driven by millennials and Generation Z.
High inflation has further driven the popularity of the BNPL payment option globally, with consumers taking advantage of short-term financing to split payments and better manage their finances.
“The variety of innovative, customer-centric digital payment methods in the Mena region is skyrocketing,” Omar El Gammal, Paymob’s executive vice president for global business development, said.
“Our partnership with Tabby is key because it encompasses both physical, in-store and online e-commerce payments solutions to provide a better checkout experience, increased conversions and an expanded client base for merchants in Egypt.”
Egypt’s BNPL sector is projected to surge almost 133 per cent on an annual basis to reach $434.7 million in 2022, according to a report by Research and Markets.
BNPL payment adoption in Egypt is expected to increase at a compound annual growth rate of about 56 per cent between 2022 and 2028, while gross merchandise value is estimated to reach $6.23 billion by 2028, from $186.7m in 2021, the report said.
Tabby has helped "thousands of merchants" across Egypt, the UAE and Saudi Arabia increase their average order value by 33 per cent on average, the company said on Tuesday.
The platform has boosted merchants' overall conversion rate by more than 18 per cent and increased the number of returning customers by 40 per cent.
Tabby, which has more than two million active users and about 6,000 merchants in its network, went live in the UAE in February 2020. It expanded to Saudi Arabia in July 2020.
In August, the company raised $150m in debt financing from New York-based Atalaya Capital Management and existing investor Partners for Growth to help fund its global expansion.
It also raised $54m from Sequoia Capital India and Saudi Arabia’s STV in March, in a round which also had participation from existing investors.
Understand What Black Is
The Last Poets
(Studio Rockers)
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Vaccine Progress in the Middle East
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
More from Rashmee Roshan Lall
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
