Majid Al Futtaim acquires mobile wallet app Beam

Image courtesy of Beam

Source: Gulf Business

Dubai-based mall operator Majid Al Futtaim has acquired Beam Portal, the owner of UAE mobile wallet app, Beam, it announced on Wednesday.

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.

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