By Andy Sambidge
Majid Al Futtaim Ventures makes first entry into fast growing tech industry to support retail ambitions
Beam Wallet, a mobile commerce and rewards platform developed and launched in the UAE, has announced a landmark investment from Majid Al Futtaim Ventures.
The partnership marks a first-time entry into the fast growing tech industry for Majid Al Futtaim Ventures, according to a statement.
It said Beam Wallet's smart mobile phone application is transforming shopping for consumers in the UAE, with more than 100,000 users.
No value for the investment was disclosed in the statement.
"Enabling Beam Wallet to scale operations and propel expansion locally, regionally and internationally, the investment also give Majid Al Futtaim Ventures an equity stake in a world class technology platform with a robust business model," said the statement.
Beam Wallet is currently accepted and available in more than 1,120 retail and dining outlets, including Costa Coffee, Tim Horton's, Subway, Cold Stone Creamery, Aldo, Tommy Hilfiger, Yo! Sushi, Aeropostale and Kenneth Cole.
The new partnership will increase Beam Wallet subscribers' access to Majid Al Futtaim's range of retail brands including VOX Cinemas, Najm and Carrefour, with a planned rollout to extend the service across its wider portfolio of leisure, entertainment and fashion brands in early 2015.
"There is no doubt that mobile commerce will play a significant part in the future of retail, and Beam Wallet provides a platform and product that delivers way beyond any other solution available anywhere in the world," said Shezan Amiji, co-founder Beam Wallet.
"The entire Beam Wallet platform has been built in-house here in the UAE, and having gone through the rigorous benchmarking process required by Majid Al Futtaim Ventures as part of their due diligence before investment, we have hard evidence of our unique value proposition in comparison to other global players in this space."
Rasool Hujair, CEO of Majid Al Futtaim Finance added: "The practice of mobile commerce is a rapidly growing industry with tremendous potential in the UAE.
"We believe that mobile technology is at the core of the consumer shopping experience, and our investment in Beam Wallet will further enhance our ability to create great moments for everyone every day, underscoring our leadership in creating innovative and rewarding shopping experiences for our customers."For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.