Dubai’s Majid Al Futtaim acquires UAE m-wallet app Beam

The payment platform already has a partner network of more than 2,000 stores in the UAE

Majid Al Futtaim, a leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia has announced the acquisition of Beam Portal, the owner of leading UAE mobile wallet app, Beam.

The acquisition grants Majid Al Futtaim ownership of Beam’s IP rights, branding, and e-wallet services across the region, representing a significant milestone in the company’s digital transformation.

Set to become the digital payment wallet across all Majid Al Futtaim businesses, Beam enables the retailers to accept mobile payments and engage with customers directly through their smartphones. The payment and rewards platform, which already has a partner network of more than 2,000 stores in the UAE only, will enhance Majid Al Futtaim’s shopping experience, allowing customers to pay by phone, while earning cash back on their purchases.

Beam’s mission is to become the leading omni-payment platform in the region, by introducing new seamless payment experiences for our customers,” said Joe Abi Akl, acting chief corporate development officer at Majid Al Futtaim. “As the line between the physical and digital worlds continues to fade, we are investing in our digital transformation to ensure we are providing customers with experiences they want and need.”

Effective now through January 1, 2019, new Beam customers paying for the first time through the app will also receive 30 per cent cashback (up to Dhs50) in their Beam wallet at Majid Al Futtaim owned locations, including its fashion and home stores, Carrefour, Vox Cinemas, Ski Dubai, and Magic Planet.

As the line between the physical and digital worlds continues to fade, we are investing in our digital transformation to ensure we are providing customers with experiences they want and need,” Akl added.

Last month, Majid Al Futtaim also announced that it led a $30m funding round by Saudi grocery delivery platform Wadi.

The company said the investment came under a wider strategy to expand its omni-channel offering.

Fintech start-ups in the GCC region are set to attract more than 10 times the funding achieved over the last 10 years in the next decade, according to a new report.

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