In a significant advancement for the UAE’s real estate market, Tern Rewards has introduced the country’s first digital rental payment and rewards platform. This innovative service allows tenants to pay their rent using credit cards while earning double the rewards, transforming how tenants and landlords interact. By combining financial flexibility with modern technology, Tern Rewards offers a smarter and more rewarding way to handle rent payments.

The platform is free to use and enables tenants to pay rent via credit card, allowing them to earn both credit card points and Tern points. These rewards can be redeemed at a wide range of popular merchants, including Amazon, Noon, iTunes, Netflix, Centrepoint, VOX Cinemas, du, Etisalat, Carrefour, and Yas Waterworld, among others. This feature not only benefits tenants but also provides landlords with an efficient, cost-free tool for managing their portfolios.

Tern Rewards operates under the Dubai Land Department’s Real Estate Evolution Space Initiative (REES) and has successfully completed its pre-seed funding round, raising $1.5 million. The platform has already formed the Tern Alliance, an exclusive network of major landlords, and is currently open to applications from all landlords and property managers, including individual landlords.

Co-founder Said Al Sayyed emphasized that the traditional methods of paying rent have not changed in decades. He stated, “At Tern, we are redefining the rental experience by turning the largest single expense into rewarding opportunities.” Al Sayyed noted that the platform’s success in other markets suggests it could dominate rent payments in the UAE within the next few years.

Co-founder Mohammad Shaitou highlighted that the move towards digital rental payments aligns with the UAE’s strategic vision for modern payment solutions. He pointed out that this initiative supports the UAE Digital Government Strategy, which aims to foster a seamless, tech-driven ecosystem across government initiatives.

Tern Rewards has attracted investment from key industry leaders, including executives from real estate and property management firms. This backing not only reinforces confidence in the platform but also propels its mission to revolutionize rental payments through digital innovation and strategic partnerships.

The venture is supported by prominent FinTech investors, including VentureSouq (VSQ), a MENA-based venture capital fund manager, and BYLD, an institutional venture capital firm focusing on early-stage technology investments in the Middle East and Africa.

For more information on how Tern Rewards is transforming the rental payment experience and creating new benefits for tenants and landlords, visit their website at https://ternrewards.com.