Majid Al Futtaim acquires Beam which enables retailers to accept mobile payments and engage with customers directly through their smartphones
Dubai-based retail giant Majid Al Futtaim on Wednesday announced the acquisition of Beam Portal, the owner of 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.
Beam enables 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, the company said in a statement.
“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.”
He added: "The integration of Beam within our businesses is a landmark moment that will enable us to better serve our customers and gain a better understanding of their preferences through multiple touchpoints.”
As part of the acquisition, Majid Al Futtaim said it will expand Beam’s offering across the region.
Beam recently launched in Majid Al Futtaim fashion and home retail stores in the UAE and will be expanded across all Majid Al Futtaim retail stores in 2019.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.