Shopping and financial services app Tabby has introduced Tabby+, a monthly subscription service in the UAE.
In a statement, the fintech said that subscribed shoppers will be able to Pay in 4 anywhere VISA is accepted using their Tabby Card including for groceries, utilities, fuel or on food delivery apps.
By offering the subscribed service, the firm is looking to encourage customers to use their Tabby Card as their daily spending card. Additionally, Tabby+ offers an alternative to high-cost credit cards that can average 30 to 40% in APR.
The subscribed service will cost AED 49 per month with the first month being free to try. According to the firm, if Tabby Card holders choose not to opt in for Tabby+, Tabby Card will remain free for in-store purchases within the partner network which they can find on the Tabby app.
Unlike traditional debit or credit cards, Tabby Card enables its users to split daily purchases into 4 monthly statements without revolving interest. Tabby Card holders can settle their card purchases on the app with monthly statements where they can manage and keep track of all outstanding payments.
In the app, consumers can pay their statement early or automatically make a payment on the due date. The Tabby app also notifies customers in real time of all card transactions and sends alerts for upcoming payments.
Hosam Arab, CEO and Co-Founder of Tabby, said: “Tabby+ is a significant step towards our vision. We’re taking the best of Tabby, flexible and interest-free payments, wherever people go without barriers.”
In November, Tabby raised $200 million in equity financing at a valuation of $1.5 billion making it the first fintech in the Middle East and North Africa (MENA) region to achieve unicorn status. It also released the Middle East Shopping Survey, last month. There are currently over 600,000 Tabby Cards in circulation in the UAE.
