Sav partners with the UAE’s top brands to serve shoppers who save for high-value purchases

SNBL encourages responsible consumption in individuals and young families 

Pre-purchase engagement via SNBL strengthens the customer-brand relationship

Dubai, United Arab Emirates: With over 46.7% of the UAE population falling into credit card debts and 12.8% actively looking for loans, the UAE’s leading fintech App, Sav, has launched a groundbreaking "Save Now, Buy Later" (SNBL) feature with the aim to bridge the gap in aspirational goals and sustainable affordability for the UAE residents and families. 

Sav’s SNBL feature has been launched at an essential time as the UAE residents face rising inflation and lifestyle challenges. By highlighting the importance of disciplined savings, Sav aims to alleviate financial stress and guide individuals towards a more sustainable lifestyle. SNBL promotes a savings-focused approach to big-ticket purchases rather than relying on credit and accumulating debt.

Flip side to Buy Now, Pay Later - Sustainable Affordability
For the last few decades, for large ticket purchases and casual consumption, using credit cards and BNPL has taken precedence.

According to market reports, "Buy now, pay later" (BNPL) payments in the UAE are expected to reach US$2,531.1 million in 2023. While BNPL has facilitated affordability, the trend encourages impulsive spending and excessive borrowing, leading to financial instability and stress for many.

Credit-based options reward users with points, cashback and discounts for casual borrowing. However, savings and planned purchases have been barely incentivized. 

Understanding the consumptive behavior of young households, and the missing benefits in planned consumption, Sav is addressing the impending need for innovative debt-free personal finance tools. The SNBL feature presents a flip side to BNPL, incentivizing users to practice good money behavior and responsibly plan their purchases.

Giving back control to Brands
SNBL creates a win-win situation for both customers and merchants.

Customers who prioritize savings over debt can earn cash rewards when they hit their savings milestones. Brands stand to benefit significantly by gaining access to wider, in-market audiences. The SNBL option puts brands in charge of their customer’s purchase journey early on, thereby boosting brand affinity and building loyalty. Moreover, Sav helps brands overcome challenges like rising customer acquisition costs and online shopping cart abandonment.

"We understand the importance of fostering healthy financial habits and promoting a more sustainable approach to affordability," said Purvi Munot, CEO at Sav. “Sav’s SNBL solution allows users to make high-value purchases with their own savings, without in debt. We are proud to launch this feature with some of the UAE’s top consumer brands across multiple categories.” 

According to Purvi, “This is especially an invaluable tool for young families in the UAE who have high outlays on essentials and aspirational purchases such as a home, furniture, a car, maternity, children’s education or a dream vacation. Sav automates saving and has an array of features that enable users to take full control of their money.”

“With Sav, we start to change the relationship between brands and consumers. In our experience, most brands in the UAE are also keen to support responsible consumption and see SNBL as a new payment option that’s truly in the customer's best interest, said Saurabh Bhardwaj, who leads  Partnerships and Growth at Sav.”       

Aligning with the UAE’s vision
Sav aligns with the Ministry of Finance's Savings awareness initiative, which emphasizes the importance of saving for a secure future. It promotes financial awareness and responsible spending habits among young couples and families in the UAE. Drawing insights from Sav's growing database of over 45,000 users, the top three categories for savings are Travel, Home & Furniture, and Education, accounting for nearly 60%, in addition to emerging savings areas including Automobiles, Electronics, and Jewelry. The platform strives to reach a milestone value of AED 40 million in savings, underlining its loyalty to transforming users’ economic well-being.

About Sav
Sav is a homegrown hyper-personalized fintech app launched in 2022 to bring relevance and sustainability to personal finances. With over 45,000+ users, Sav is building products that will help customers stress less about day-to-day money management while also laying a sustainable foundation for their financial future. Powered by Al, automation and rewards, the Sav App makes debt-free purchases lucrative and achieves long-term goals effortlessly. The app gives customers access to over a hundred merchants and offers unique hidden reward gems for every dirham saved on the platform.

For more information, please visit sav.money.

For media enquiries, please contact Matrix PR
Khushie Mallya: khushie@matrixdubai.com
Krishika Mahesh: krishika@matrixdubai.com
Or call +971 (4) 343 0888