PayTabs partners with Tabby to grow GCC's digital economy
Businesses, merchants, and customers across the PayTabs network in Saudi Arabia and the Emirates will benefit from Tabby's split in four, interest and fee free payment solutions
RIYADH, Saudi Arabia, Nov. 15, 2023 /PRNewswire/ -- PayTabs Group, MEASA's award-winning payment solutions powerhouse today announced that it has partnered with Tabby MENA's leading shopping and financial services app to power the growth of ecommerce across the Kingdom of Saudi Arabia and the United Arab Emirates.
The collaboration aims to elevate businesses on the PayTabs Payments platform by offering Tabby's interest and fee free split payment solution creating a seamless and secure 'Buy Now, Pay Later' experience for merchants. PayTabs will now offer merchants in Saudi Arabia and the United Arab Emirates Tabby as a payment option on their webstore's checkout page. With Tabby, online customers and shoppers will be able to split their purchases into four interest and fee free payments facilitating more time for them to pay. The partnership aims to enhance the customer shopping experience by converting browsers and potential shoppers into real time buyers, increasing the average shopping cart value, and broadening the merchant's customer base.
E-commerce continues to flourish in the region, spurred by millennial shopping habits and the digital adoption surge according to ecommercedb.com. UAE is considered the 27th largest market for ecommerce with a predicted revenue of US$10,205.5 million by 2023. The Kingdom of Saudi Arabia on the other hand is the 28th largest. Fashion followed by electronics, furniture and appliances are where the key ecommerce revenue stems from. PayTabs and Tabby continue to service these key ecommerce industries across the region with digital payment solutions and split payment options, respectively.
Commenting on the partnership with Tabby, Hany Soliman, PayTabs Regional Head and Operating Partner for the GCC region said, "PayTabs empowers businesses and merchants in the digital economy by providing access to full stack payment solutions and alternative payment methods. By offering split payment options, we are opening the door for merchants to attract a wider customer base and increase their average transaction size. PayTabs merchants will benefit as they offer their customers the opportunity to purchase every day, premium, or even luxury products with convenient payment options."
Zain Khan, Director of Business Development at Tabby said: "Just in time for the peak sales season ahead, we're excited to bring our flexible payment solutions to PayTabs through which retailers can now get set up with Tabby with minimal effort. Combining the power of a strong payment gateway with buy now pay later, retailers have a great opportunity to grow their business. Retailers who join Tabby tend to see their average order value and conversion rates increase, and we can't wait for PayTabs merchants to experience this growth firsthand."
The collaboration between two renowned regional fintech brands establishes an innovative ecosystem designed to bring immense value to merchants while elevating their customer's shopping experience.
About Tabby
Tabby creates financial freedom in the way people shop, earn, and save by reshaping their relationship with money. Over ten million registered shoppers choose Tabby to stay in control of their spending and make the most out of their money.
Over 30,000 global brands and small businesses, including H&M, Adidas, IKEA, SHEIN, noon, and Bloomingdale's use Tabby's technology to accelerate growth and gain loyal customers by offering flexible payments online and in stores. Tabby is active in Saudi Arabia, UAE, Kuwait, Bahrain, and Qatar, and is valued at $660 million in its latest round of funding from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.
About PayTabs
The PayTabs Group is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
Having processed the first live payment gateway transaction in 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale, and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
Over a decade, PayTabs has custom built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, the first soft POS solution in the MENA market to transform smartphones into merchant point of sale (POS) terminals. In 2022, PayTabs made a leapfrog move to pioneer next generation payments, by launching its home owned, globally validated unified payments and orchestration platform. PayTabs unified payment processing orchestration enables governments and large-scale originations to become independent payment platforms to serve their industries.
In 2022, the company acquired Türkiye's social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments.
PayTabs has dedicated offices in the GCC including the Saudi Arabia and UAE and presence in many other locales including Jordan, Turkey, and Egypt. The company is an equal opportunities employer with a multi-cultural team. For more milestones visit https://site.paytabs.com/en/
Photo - https://mma.prnewswire.com/media/2276282/PayTabs_Group.jpg
Share this article