Buy Now Pay Later Technology Has Been Introduced at Dubai Malls :
Buy Now Pay Later is referred to as short-term financing, enabling customers to make immediate purchases and defer payment to a future date, typically without incurring any interest. BNPL plans, also known as POS installment loans, are quickly gaining popularity as a mode of payment, particularly for online purchases. Customers needing immediate buys may take advantage of BNPL solutions, which include 0% interest, fixed payment terms, and instant approval. Among UAE residents, millennials are more likely to utilize buy now pay later apps than their elders.
Al-Futtaim Malls and Tabby have collaborated to offer Tabby Card, a digital visa card, which is now available in Festival Plaza and Dubai Festival City Mall. Tabby Card holders can make four equal payments on their Tabby Card purchase balances without being charged interest or fees.
Pay Later Options: How Does Buy Now Pay Later Work?
The concept of pay later options is as simple as it sounds. The consumer buys something and makes the payment later on. When customers choose the BNPL option at check out, they have to specify how many weekly or monthly payments they want to make, often between four and six installments. The consumer pays only the initial installment to receive the order. BNPL companies are responsible for the entire product cost, excluding any processing costs. They receive the product’s full payment over the specified time from consumers.
Developing A Fully Integrated Omnichannel Payment System For Consumers
Setting up a Tabby digital Visa card is simple and free, with no initial or hidden costs. Tabby is a no-interest installment plan that shoppers can use to pay for both online and in-store items over time. Over 8,500 companies use Tabby worldwide, including IKEA, Ace, and Marks & Spencer, to boost sales and attract new consumers by making payments convenient and secure. By partnering with Tabby, Al-Futtaim Malls has improved its services to make customers’ visits to the malls more pleasant and less time-consuming.
The Emerging Market For Buy Now Pay Later In UAE
Online payment options in emerging nations boost the buy now pay later industry. The expansion of buy now pay later in UAE has been mainly attributed to the increasing popularity of e-commerce in the region as well as the attractiveness of the platform’s flexible payment plans. By 2022, the total amount paid out for BNPL will rise to US$3,183.4 million, an annual growth of 67.9%. The UAE’s BNPL industry has a promising medium-to-long-term growth outlook. With a projected CAGR of 33.9% between 2022 and 2028, BNPL payment use is poised for significant growth throughout the projection period.