The UAE’s largest bank has partnered with a fintech start-up to roll out a Buy-Now-Pay-Later solution, expanding payment and financing options for the country’s retail market.
In collaboration with start-up Tabby, First Abu Dhabi Bank (FAB), which offers Shariah compliant financial services, has implemented the new interest-free solution at Al Futtaim-owned Toys R’ Us stores in the UAE.
“This is the first of our ‘Payment as a Platform’ offering and it demonstrates our ability to integrate with fintech partners in the shortest possible time through our API (application programming interface)-driven payment layers,” Ramana Kumar, the senior vice-president and head of payments and digital banking at FAB, shared.
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 to their account. This collaboration is the latest in a series of partnerships under FAB’s objective to drive more digital solutions across the UAE and the wider region.