UAE Tabby Merchants - Deep Payouts Analysis
Comprehensive Analysis of Merchant Payouts and Float Revenue | Currency: AED | Float Rate: 8.5% | Generated: 2026-01-14 00:15
Methodology
Scope & Filters
- Period: Jan 1, 2025 - Dec 31, 2025
- Region: UAE Legal Entities only
- Currency: AED transactions only
- Only payouts with positive amounts
- Merchants with >1 payout (for cycle calculation)
Key Calculations
- Avg Payout Cycle: Average days between consecutive payouts (1=Daily, 7=Weekly, 30=Monthly)
- Float Revenue: Interest earned on funds held before merchant transfer
Float Revenue Formula
Float = Avg Payout Amount × ((Cycle Days - 1) / 2) × (8.5% / 365)
Uses "Half-Cycle Rule": funds accumulate linearly, so effectively held for half the cycle duration minus 1 day for processing.
Portfolio Overview Annual
Total Merchants
14,156
Active Tabby merchants in UAE
Annual Payout Volume
10.72B AED
Total payouts processed (12 months)
Total Float Revenue
4.60M AED
Annual float income
Total Payout Fees
1.66M AED
Annual fee revenue
Avg Payout Amount
4,002 AED
Median per transaction
Avg Payout Cycle
17 days
Median settlement time
Key Portfolio Insight
The portfolio processes 10.72B AED annually across 14,156 merchants, generating 6.27M AED in combined revenue (Float: 4.60M + Fees: 1.66M). Revenue yield is 585 AED per million in payout volume.
Concentration Analysis
Top 10 Merchants
41.6%
of total payout volume
Top 100 Merchants
64.0%
of total payout volume
Merchants for 80% Volume
546
3.9% of all merchants
Gini Coefficient
0.921
Higher = more concentrated
Concentration Insight
The portfolio is highly concentrated: Top 3.9% of merchants (546 companies) account for 80% of payout volume. The Gini coefficient of 0.921 indicates extreme inequality in merchant size distribution.
Merchant Segmentation by Annual Payout Volume
Merchant Distribution by Bucket
Payout Volume Distribution by Bucket
Bucket Overview - Revenue & Efficiency Metrics Annual
| Bucket | Merchants | % Merchants | Payout Volume AED | % Volume | Total Revenue AED | % Revenue | Rev/Merchant AED | Capture Rate | Yield/1M AED |
|---|---|---|---|---|---|---|---|---|---|
| Micro (0K-50K) | 7,151 | 50.5% | 129,604,511 | 1.2% | 653,838 | 10.4% | 91 | 0.504% | 5045 |
| Small (50K-100K) | 1,897 | 13.4% | 135,750,326 | 1.3% | 451,991 | 7.2% | 238 | 0.333% | 3330 |
| Growing (100K-250K) | 2,186 | 15.4% | 348,239,395 | 3.2% | 749,032 | 12.0% | 343 | 0.215% | 2151 |
| Medium (250K-500K) | 1,164 | 8.2% | 412,207,249 | 3.8% | 564,866 | 9.0% | 485 | 0.137% | 1370 |
| Large (500K-1M) | 788 | 5.6% | 550,083,136 | 5.1% | 553,151 | 8.8% | 702 | 0.101% | 1006 |
| Enterprise (1000K-5M) | 756 | 5.3% | 1,519,851,010 | 14.2% | 1,145,975 | 18.3% | 1516 | 0.075% | 754 |
| Major (≥5M) | 214 | 1.5% | 7,622,388,427 | 71.1% | 2,148,010 | 34.3% | 10037 | 0.028% | 282 |
Key Business Insight: Revenue Per Merchant
Major merchants generate 110x more revenue per merchant than Micro merchants (10,037 AED vs 91 AED). However, Micro segment contributes 10.4% of total revenue with 50.5% of merchants, while Major contributes 34.3% with only 1.5% of merchants.
Strategic implication: Revenue growth can come from either (1) acquiring more high-value Enterprise/Major merchants, or (2) improving revenue per merchant in the Micro/Small segments where capture rate (0.50%) is already highest.
Tier Distribution Analysis
Merchants by Tier
Volume by Tier
Tier Performance Comparison Annual
| Tier | Merchants | % of Total | Total Volume AED | % of Volume | Avg Annual Payout AED | Float Revenue AED | Payout Fees AED |
|---|---|---|---|---|---|---|---|
| Tier 1 (Premium) | 356 | 2.5% | 6,214,367,974 | 58.0% | 17,456,090 | 1,449,111 | 2,186 |
| Tier 2 (High) | 605 | 4.3% | 1,304,064,135 | 12.2% | 2,155,478 | 641,440 | 5,364 |
| Tier 3 (Standard) | 2,760 | 19.5% | 1,266,561,779 | 11.8% | 458,899 | 942,218 | 54,308 |
| Tier 4 (Basic) | 10,435 | 73.7% | 1,933,130,167 | 18.0% | 185,254 | 1,571,907 | 1,600,330 |
Within-Bucket Analysis Annual
Micro
Small
Growing
Medium
Large
Enterprise
Major
Merchants in Micro
7,151
50.5% of total
Revenue Per Merchant
91 AED
Annual (median: 38 AED)
Revenue Capture Rate
0.504%
of annual payout volume
Total Revenue
653,838 AED
10.4% of portfolio revenue
Payout Volume
129.6M AED
1.2% of total annual volume
Avg Payout Amount
2,642 AED
Median per transaction
Avg Cycle Days
29 days
Median payout cycle
Yield per 1M
5045 AED
Combined (Float + Fees)
Tier Distribution in Micro
Revenue Breakdown
Float Revenue
66,883 AED
Payout Fees
586,955 AED
Total Revenue
653,838 AED
Avg Float/Merchant
9 AED
Avg Fees/Merchant
82 AED
Zero Fee Merchants
2,133 (29.8%)
Zero Float Merchants
5,782 (80.9%)
Merchants in Small
1,897
13.4% of total
Revenue Per Merchant
238 AED
Annual (median: 144 AED)
Revenue Capture Rate
0.333%
of annual payout volume
Total Revenue
451,991 AED
7.2% of portfolio revenue
Payout Volume
135.8M AED
1.3% of total annual volume
Avg Payout Amount
4,196 AED
Median per transaction
Avg Cycle Days
17 days
Median payout cycle
Yield per 1M
3330 AED
Combined (Float + Fees)
Tier Distribution in Small
Revenue Breakdown
Float Revenue
170,318 AED
Payout Fees
281,673 AED
Total Revenue
451,991 AED
Avg Float/Merchant
90 AED
Avg Fees/Merchant
148 AED
Zero Fee Merchants
657 (34.6%)
Zero Float Merchants
483 (25.5%)
Merchants in Growing
2,186
15.4% of total
Revenue Per Merchant
343 AED
Annual (median: 319 AED)
Revenue Capture Rate
0.215%
of annual payout volume
Total Revenue
749,032 AED
12.0% of portfolio revenue
Payout Volume
348.2M AED
3.2% of total annual volume
Avg Payout Amount
5,409 AED
Median per transaction
Avg Cycle Days
12 days
Median payout cycle
Yield per 1M
2151 AED
Combined (Float + Fees)
Tier Distribution in Growing
Revenue Breakdown
Float Revenue
398,886 AED
Payout Fees
350,146 AED
Total Revenue
749,032 AED
Avg Float/Merchant
182 AED
Avg Fees/Merchant
160 AED
Zero Fee Merchants
893 (40.9%)
Zero Float Merchants
130 (5.9%)
Merchants in Medium
1,164
8.2% of total
Revenue Per Merchant
485 AED
Annual (median: 483 AED)
Revenue Capture Rate
0.137%
of annual payout volume
Total Revenue
564,866 AED
9.0% of portfolio revenue
Payout Volume
412.2M AED
3.8% of total annual volume
Avg Payout Amount
8,176 AED
Median per transaction
Avg Cycle Days
9 days
Median payout cycle
Yield per 1M
1370 AED
Combined (Float + Fees)
Tier Distribution in Medium
Revenue Breakdown
Float Revenue
368,027 AED
Payout Fees
196,839 AED
Total Revenue
564,866 AED
Avg Float/Merchant
316 AED
Avg Fees/Merchant
169 AED
Zero Fee Merchants
529 (45.4%)
Zero Float Merchants
21 (1.8%)
Merchants in Large
788
5.6% of total
Revenue Per Merchant
702 AED
Annual (median: 676 AED)
Revenue Capture Rate
0.101%
of annual payout volume
Total Revenue
553,151 AED
8.8% of portfolio revenue
Payout Volume
550.1M AED
5.1% of total annual volume
Avg Payout Amount
13,264 AED
Median per transaction
Avg Cycle Days
7 days
Median payout cycle
Yield per 1M
1006 AED
Combined (Float + Fees)
Tier Distribution in Large
Revenue Breakdown
Float Revenue
425,642 AED
Payout Fees
127,509 AED
Total Revenue
553,151 AED
Avg Float/Merchant
540 AED
Avg Fees/Merchant
162 AED
Zero Fee Merchants
438 (55.6%)
Zero Float Merchants
2 (0.3%)
Merchants in Enterprise
756
5.3% of total
Revenue Per Merchant
1,516 AED
Annual (median: 1,318 AED)
Revenue Capture Rate
0.075%
of annual payout volume
Total Revenue
1,145,975 AED
18.3% of portfolio revenue
Payout Volume
1519.9M AED
14.2% of total annual volume
Avg Payout Amount
26,150 AED
Median per transaction
Avg Cycle Days
7 days
Median payout cycle
Yield per 1M
754 AED
Combined (Float + Fees)
Tier Distribution in Enterprise
Revenue Breakdown
Float Revenue
1,045,214 AED
Payout Fees
100,762 AED
Total Revenue
1,145,975 AED
Avg Float/Merchant
1383 AED
Avg Fees/Merchant
133 AED
Zero Fee Merchants
492 (65.1%)
Zero Float Merchants
5 (0.7%)
Merchants in Major
214
1.5% of total
Revenue Per Merchant
10,037 AED
Annual (median: 5,043 AED)
Revenue Capture Rate
0.028%
of annual payout volume
Total Revenue
2,148,010 AED
34.3% of portfolio revenue
Payout Volume
7622.4M AED
71.1% of total annual volume
Avg Payout Amount
65,660 AED
Median per transaction
Avg Cycle Days
7 days
Median payout cycle
Yield per 1M
282 AED
Combined (Float + Fees)
Tier Distribution in Major
Revenue Breakdown
Float Revenue
2,129,705 AED
Payout Fees
18,306 AED
Total Revenue
2,148,010 AED
Avg Float/Merchant
9952 AED
Avg Fees/Merchant
86 AED
Zero Fee Merchants
189 (88.3%)
Zero Float Merchants
7 (3.3%)
Revenue Efficiency Analysis
Float Yield per 1M AED
430
AED earned per million in payouts
Fee Yield per 1M AED
155
AED in fees per million in payouts
Merchants with Zero Fees
37.7%
5,331 merchants
Merchants with Zero Float
45.4%
6,430 merchants
Top 10 Merchants by Payout Volume Annual
| # | Company Name | Tier | Annual Payout AED | Float Revenue AED | Payout Fees AED |
|---|---|---|---|---|---|
| 1 | Souq.com FZ LLC | Tier 1 | 1,220,046,125 | 0 | 0 |
| 2 | NOON E COMMERCE OWNED BY NOON AD HOLDINGS ONE PERS... | Tier 1 | 1,109,149,855 | 129,148 | 0 |
| 3 | XIYIN Xiyin E Commerce FZE | Tier 1 | 487,538,487 | 340,609 | 0 |
| 4 | Al Tayer Insignia LLC (DIGITAL) | Tier 1 | 427,276,117 | 0 | 0 |
| 5 | SHARAF DG L.L.C | Tier 1 | 315,416,673 | 3,683 | 0 |
| 6 | NOMOD BILLING L.L.C | Tier 2 | 242,624,496 | 0 | 0 |
| 7 | Wego Middle East | Tier 1 | 187,511,618 | 208 | 0 |
| 8 | TOOTHPICK PORTAL L.L.C | Tier 1 | 169,293,761 | 124,622 | 0 |
| 9 | LANDMARK RETAIL INVESTMENT CO. L.L.C | Tier 1 | 161,838,144 | 131,300 | 0 |
| 10 | MAJID AL FUTTAIM HYPERMARKETS L.L.C | Tier 1 | 136,448,430 | 16,338 | 0 |
Bank Partners Overview
Total Banks
53
Unique banking partners (normalized)
Market Leader
Abu Dhabi Commercial Bank
23.9% of merchants
Banks for 80% Merchants
7
High concentration
Banks for 80% Volume
20
Volume concentration
Top 20 Banks
Banks by Number of Merchants
Banks by Annual Payout Volume (AED)
Banks by Number of Payouts
Bank Rankings - Top 20
| Rank | Bank | Merchants | % Merchants | Volume AED | % Volume | Avg Vol/Merchant AED | Total Payouts |
|---|
Bank Distribution by Tier
Top 10 Banks - Tier Composition
Bank Distribution by Merchant Size
Top 10 Banks - Size Segment Composition
Key Bank Insights
Business Account Revenue Model
Product Assumptions
Card Revenue (35% of payouts spent via card)
Interchange: 1.0% · FX: 0.4% · Overdraft: 0.1%
IBAN Transfer Revenue (AED 10/transfer)
Micro/Small: 1x · Growing/Medium: 2x · Large: 3x transfers per payout
Target Segments: Micro, Small, Growing, Medium, Large (excluding Enterprise & Major due to pricing sensitivity)
Revenue Comparison: Current vs Business Account
Annual Revenue by Segment
Comparing current Float + Payout Fee revenue with projected Business Account revenue
Revenue Uplift by Segment
Additional revenue potential from Business Account model
Business Account Revenue Streams
Revenue Composition by Stream
Breakdown of Card (Interchange + FX + Overdraft) vs IBAN Transfer revenue
Revenue per Merchant Comparison
Annual revenue yield per merchant: Current model vs Business Account
Segment Analysis Detail
Business Account Revenue Projections by Segment
| Segment | Merchants | Payout Volume | Current Revenue | BA Card Revenue | BA IBAN Revenue | BA Total Revenue | Uplift | Uplift % |
|---|
Strategic Insights
Key Findings
Revenue Capture Rate: Current vs Business Account
Percentage of payout volume captured as revenue (higher = more efficient monetization)