No credit check, no fees: Tabby Cash passes 1 million users

Detailed summary

Only Emirates ID needed, Tabby says, as Tabby Cash crosses 1m accounts in 2 months A user displaying the Tabby Cash user interface on the Tabby App Dubai: More than 1 million UAE…

Only Emirates ID needed, Tabby says, as Tabby Cash crosses 1m accounts in 2 months

Dubai: More than 1 million UAE residents have opened a Tabby Cash account since the product was launched to all residents on September 1. The fintech platform announced that it achieved this milestone in just 2 months.

Hosam Arab, Chief Executive and Co-Founder, called it “the fastest growing product we’ve launched.”

Tabby Cash is a fee-free alternative to a debit account. It runs under Tabby’s Stored Value Facilities licence from the Central Bank of the UAE. Customers don't have to pay any setup fee for the account or card fees, and can earn up to 3 per cent cashback on chosen categories and all international spend.

Local transfers are free and unlimited. Global transfers to bank accounts in more than 50 countries carry no transfer fees, and digital wallets such as GCash, JazzCash and Vodafone Cash are supported. Users can split telecom, utility and transport bills into up to 12 monthly payments, and pay Zakat or donate to Dubai charities from their balance.

It can also be used for refunds on Tabby Pay Later purchases as a card refund typically takes 3 to 10 working days.

The account is open to UAE residents aged 18 and over. Zarik Nabi, Chief Commercial Officer at Tabby, says an Emirates ID is the only document required. “There’s no salary certificate and no credit check, because Tabby Cash isn’t credit: it’s your own money,” he says. Customers can open an account in the app in a few minutes.

Existing Tabby Pay Later users go through the same process. Nabi notes that the company may offer higher limits as it learns more about a customer’s spending habits.

Global transfers carry a currency conversion margin, Nabi confirms, but he adds that there aren't any fees on top of that. He says the all-digital model and large customer base keep the margin low. Customers should check and compare before hand to see how much their family will receive before they send.

Opening of the article, excerpted from Gulf News Business. To read the rest, open the article on the publisher's site.