Majid Al Futtaim acquires Beam

RetailME Bureau

UAE-based shopping mall, communities, retail and leisure developer Majid Al Futtaim has acquired mobile wallet app, Beam. The acquisition allows Majid Al Futtaim ownership of Beam’s IP rights, branding and e-wallet services. It represents 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. It also enables them to engage with customers directly through their smartphones. The payment and rewards platform already has a partner network of more than 2,000 stores in the UAE alone. It will enhance Majid Al Futtaim’s shopping experience, allowing customers to pay by phone.

“Beam’s mission is to become the leading omni-payment platform in the region. We aim to achieve this by introducing new seamless payment experiences for our customers,” says 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 enhance customer experience.”

“The integration of Beam within our businesses is a landmark moment. It will enable us to serve our customers better 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,” adds Akl.

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. Also, Beam recently launched in Majid Al Futtaim fashion and home retail stores in the UAE. It 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.