Tabby Cash has surpassed 1 million accounts in the UAE, two months after becoming available to all residents on September 1.
The product is positioned as a fee-free alternative to a debit account, with no setup, account or card fees, alongside cashback on everyday spending. It operates under Tabby’s Stored Value Facilities licence from the Central Bank of the UAE.
Since its wider rollout, Tabby Cash has added money transfers, bill payments and faster refunds. Users can send money to bank accounts in more than 50 countries without transfer fees, as well as to digital wallets including GCash, JazzCash and Vodafone Cash.
The platform supports telecom, utility and transport bill payments, which can be split into up to 12 monthly instalments. Users can also make Zakat contributions and donate to Dubai charity associations directly from their balance.
Refunds for Tabby purchases are credited to the Tabby Cash balance once approved by the retailer. The company said card refunds typically take three to 10 working days.
“A million accounts in two months tells us how much demand there is for an account that works the way people actually spend,” said Hosam Arab, Tabby’s CEO and co-founder.
Tabby said it serves more than 25 million customers and 70,000 brands across Saudi Arabia, the UAE and Kuwait. In September, it raised $233 million at a $6.5 billion valuation in a round led by Blue Pool Capital.
Source: Fintech News
