Saudi Arabia-based Almosafer has partnered with BNPL firm, Tabby, to allow travellers pay for trips in monthly instalments, the firm has announced.
Through the deal, Almosafer, part of Seera Group, is enabling travellers to split their travel expenses into four interest-free payments for more flexibility when planning trips. The Almosafer consumer travel brand was founded in 2012 and offers travel bookings and services across several channels including online platforms, call centre, WhatsApp and retail locations.
Hosam Arab, CEO and Co-Founder of Tabby said: “We are delighted to partner with Almosafer to provide flexible payments to their customers, especially at a time when many are looking for ways to regain financial control and purchasing power in the face of rising travel costs.”
Pallav Singhvi, VP Consumer Travel at Almosafer, added: “We are continuously striving to offer our customers exceptional value and enhance their experiences by expanding the range of essential services we provide. Our partnership with Tabby will now enable more customers across KSA, Kuwait and the UAE to enjoy a hassle-free booking experience with easier and convenient payment solutions.”
While credit/debit card use is still the most prevalent payment method across ecommerce in the Middle East, a recent survey from online retail management company Uplo revealed that BNPL is continues to grow in popularity, now accounting for more than 23% of ecommerce sales.
In July, Saudi Central Bank (SAMA) gave Tabby the go-ahead to expand its BNPL services as it ramped up its support for finance and fintech sectors in the country. Additionally, this month, 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.