UAE-based retail and real estate giant Majid Al-Futtaim has announced its acquisition of mobile wallet portal 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.”
As part of the acquisition, Majid Al Futtaim will expand Beam’s offering across the region, enabling other retail businesses to benefit from its payment services. In addition, 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. The platform will enable various innovative solutions that will offer a seamless customer journey across Majid Al Futtaim destinations.
Abi Akl 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. We look forward to harnessing the power of Beam’s technology to help us replicate our physical prominence in the digital world.”
Effective now through January 1st, 2019, new Beam customers paying for the first time through the app, will receive 30 percent cashback (up to AED 50) in their Beam wallet, at Majid Al Futtaim owned locations, including its fashion and home stores, Carrefour, VOX Cinemas, Ski Dubai, and Magic Planet.
Beam is a cornerstone for Majid Al Futtaim’s strategy to offer its customers a unique and unforgettable experience tailored to their wants and anticipating their needs through an even better understanding of their desires.