MAJID AL FUTTAIM ACQUIRES UAE MOBILE WALLET APP BEAM

Dubai-based mall operator Majid Al Futtaim has acquired Beam Portal, the owner of 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.

Beam enables retailers to accept mobile payments and engage with customers directly through their smartphones.

The app was 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, a statement said.

As part of the acquisition, Majid Al Futtaim will also expand Beam’s offering across the region, and will open it out to other retail businesses. The payment platform already has a partner network of more than 2,000 stores in the UAE.

“The integration of Beam within our businesses will enable us to better serve our customers and gain a better understanding of their preferences through multiple touchpoints,” 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.

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

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