MAF Ventures announces investment in Beam Wallet

RetailME Bureau

Mobile commerce and rewards platform Beam Wallet has announced a landmark investment from Majid Al Futtaim (MAF) Ventures. The partnership marks a first-time entry into the fast growing tech industry for MAF Ventures, which operates as the growth engine d riving new enterprise development that complements and reinforces MAF Holding’s leadership in shopping, retail and entertainment. Beam Wallet’s smart mobile phone application is transforming shopping for consumers in the UAE, with more than 100,000 users and over 1,100 retail outlets already enjoying the benefits of this unique mobile commerce platform.

The partnership delivers compelling benefits on a number of levels for both parties. Enabling Beam Wallet to scale operations and propel expansion locally, regionally and internationally, the investment also gives MAF Ventures an equity stake in a world-class technology platform with a robust business model.  The Beam Wallet proposition is also of particular relevance for MAF’s core business in shopping malls, retail and leisure, and will enable the organisation to create a unique ecosystem of rewards for its broad customer base.

“There is no doubt that mobile commerce will play a significant part in the future of retail, and Beam Wallet provides a platform and product that delivers way beyond any other solution available anywhere in the world,” says Shezan Amiji, co-founder Beam Wallet. “The entire Beam Wallet platform has been built in-house here in the UAE, and having gone through the rigorous benchmarking process required by MAF Ventures as part of their due diligence before investment, we have hard evidence of our unique value proposition in comparison to other global players in this space.”

“The practice of mobile commerce is a rapidly growing industry with tremendous potential in the UAE, given the high percentage of mobile and smartphone users and the evolving needs of the today’s consumer who are driven by convenience and the latest technological innovations. We believe that mobile technology is at the core of the consumer shopping experience, and our investment in Beam Wallet will further enhance our ability to create great moments for everyone every day, underscoring our leadership in creating innovative and rewarding shopping experiences for our customers,” adds Rasool Hujair, CEO of MAF Finance.

Bridging the gap between retail’s digital and bricks & mortar environments, Beam Wallet’s innovative mobile solutions ensure convenience, security and rewards for both retailers and consumers. It is currently accepted and available in more than 1,120 retail and dining outlets and the new partnership will increase Beam Wallet subscribers’ access to MAF’s diverse range of retail brands including VOX Cinemas, Najm and Carrefour, with a planned rollout to extend the service across its wider portfolio of leisure, entertainment and fashion brands in early 2015.