Gulf News

MAF buys digital wallet start-up Beam

The acquisitio­n grants Majid Al Futtaim ownership of Beam’s IP rights, branding, and e-wallet services across the region

- ED CLOWES Staff Reporter

Majid Al Futtaim, the Dubai-based retail and hospitalit­y holding company, has bought Beam Portal, a mobile wallet provider, it said yesterday.

The acquisitio­n grants Majid Al Futtaim ownership of Beam’s IP rights, branding, and e-wallet services across the region, the company said in a statement. Majid Al Futtaim has also invested in Beam previously. In 2014, the company took an equity stake in the digital wallet for an undisclose­d sum.

Analysts told Gulf News that the move appeared to largely be a play for Beam’s loyalty and rewards scheme.

“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,” said Joe Abi Akl, Majid Al Futtaim’s acting chief corporate developmen­t officer.

With a network of more than 2,000 stores, Beam will roll out more broadly across Majid Al Futtaim businesses in the coming months, Gulf News understand­s.

“We look forward to harnessing the power of Beam’s technology to help us replicate our physical prominence in the digital world,” Abi Akl added.

Fashion, home retail

Beam recently launched in Majid Al Futtaim fashion and home retail stores in the UAE. The retailer says that the platform will enable Majid Al Futtaim to offer “various innovative solutions” to its customers.

Less than a month ago, the company took part in a $30 million funding round in grocery delivery service Wadi. As part of the agreement, Carrefour will become Wadi Grocery’s long term strategic partner for supplying food and non-food groceries.

In June 2017, Majid Al Futtaim launched a new service with start-up Fetchr that allows customers to drop off their shopping bags at the mall, and have them delivered to a destinatio­n of their choosing.

Earlier that year, Fetchr raised $41 million (Dh151 million) in funding from a number of investors, including Majid Al Futtaim, who made up a sizeable chunk of the money, according to Fetchr chief executive Idriss Al Rifai.

Majid Al Futtaim has been working on its loyalty offering for some time, launching its MyCLUB rewards card for Carrefour six years ago.

From now until January 1, 2019, new Beam customers paying for the first time through the app will receive 30 per cent cash back in their Beam wallet, the company said in its statement. The promotion applies to Majid Al Futtaim owned locations, including its fashion and home stores, Carrefour, VOX Cinemas, Ski Dubai, and Magic Planet.

“Beam is a cornerston­e for our strategy to offer our customers a unique and unforgetta­ble experience tailored to their wants and anticipati­ng their needs through an even better understand­ing of their desires,” Abi Akl said.

In its financial statement for the first half of 2018, Majid Al Futtaim said that it was “continuing to make strategic investment­s to support its business growth, as well as actively assessing potential investment opportunit­ies with a focus on digital capabiliti­es, technology and ecommerce.”

 ?? Ahmed Ramzan/Gulf News Archives ?? Shoppers at a Carrefour hypermarke­t in Dubai. Majid Al Futtaim has been working on its loyalty offering for some time, launching its MyCLUB rewards card for Carrefour six years ago. Picture for illustrati­ve purposes only.
Ahmed Ramzan/Gulf News Archives Shoppers at a Carrefour hypermarke­t in Dubai. Majid Al Futtaim has been working on its loyalty offering for some time, launching its MyCLUB rewards card for Carrefour six years ago. Picture for illustrati­ve purposes only.

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