Tabby Cash has passed 1 million accounts in the UAE, two months after becoming available to all residents on 1 September.
Tabby positions the product as a fee-free alternative to a debit account. It carries no setup, account or card fees and offers cashback on everyday spending.
The service runs under the company’s Stored Value Facilities licence from the Central Bank of the UAE.
Since September, Tabby has introduced new options for sending money, paying bills and receiving refunds.
Users can send funds to bank accounts in more than 50 countries without transfer fees.
Money can also go to digital wallets, including GCash, JazzCash and Vodafone Cash.
For bills, the platform now covers telecom, utility and transport payments, which customers can choose to split into up to 12 monthly instalments.
Zakat contributions and donations to Dubai charity associations can be made directly from the balance.
Refunds on Tabby purchases now arrive in the customer’s Tabby Cash balance as soon as the retailer approves them.
By comparison, the company said card refunds typically take 3 to 10 working days.
“Tabby Cash is the fastest growing product we’ve launched. A million accounts in 2 months tells us how much demand there is for an account that works the way people actually spend,”
said Hosam Arab, CEO and Co-Founder at Tabby.
Tabby serves more than 25 million customers and 70,000 brands across Saudi Arabia, the UAE and Kuwait.
In September, it raised US$233 million at a US$6.5 billion valuation in a round led by Blue Pool Capital.
Featured image: Edited by Fintech News UAE, based on image by peoplecreations via Magnific.
