Saudi-based Tamara, the leading Buy Now Pay Later (BNPL) platform in GCC, is officially expanding to the UAE, with new research revealing that residents of the country are set to be among the biggest users of the technology this year.
Customers across the Emirates will now be able to split their payments interest-free at leading retailers including Namshi, SHEIN, Styli, Fitness Time, Faces and Swarovski, with hundreds more merchants anticipated to sign up in the coming months.
The latest UAE push by Tamara follows the research by Checkout.com, the lead investor in Tamara’s record-breaking $110 million Series A funding round.
The survey concluded that 31 percent of residents are planning to use the technology in the coming 12 months, more than doubling the 21 percent in the country who have already used BNPL so far this year. The UAE was followed by Saudi Arabia at 27 percent, Kuwait at 26 percent and Bahrain at 18 percent. According to the research, which was conducted across the MENAP region, Qatar was in the top place at 36 percent.
“Dubai is the natural second home for Tamara. The city is a global outpost for innovation, especially in financial technology, and has proven in the past few years its resilience and leadership in unpredictable economic conditions. We are pleased to be launching in the UAE with leading, adding to a pool of more than 3,500 merchants across the region who are empowering their customers with new payment solutions. Given the strong market potential and current growth rates, we anticipate signing up 1,000 merchants here by the end of the year.”
Mr. Remo Abbondandolo, SVP MENA at Checkout.com, which produced the research, said that “We are delighted to welcome Tamara to the UAE market. Our research shows that consumers are shifting away from Cash on Delivery in their masses and looking for digital payment alternatives. Tamara’s Buy Now Pay Later model offers Sharia-compliant finance to consumers, allowing them to receive a good or product before paying for it. As a result, Tamara is perfectly placed to serve the UAE market and support the growth of its thriving eCommerce landscape.”