Dubai-based retailer Majid Al Futtaim has purchased Beam Portal, the operator of mobile wallet app Beam.
With the takeover, Majid Al Futtaim assumes ownership of Beam’s IP rights, branding, as well as e-wallet services.
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Beam allows merchants to accept mobile payments. The business counts over 2,000 UAE-based stores as partners.
Majid Al Futtaim plans to increase Beam’s partner network in the region. It also intends to roll out Beam in all of its stores next year.
Currently, Beam is offered in Majid Al Futtaim’s UAE-based fashion and home retail stores.
Beam customers using the app to make transactions for the first time will get 30% cashback in their Beam wallet at Majid Al Futtaim-owned locations.
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By GlobalDataThe offer will be valid from now to 1 January 2019 at Majid Al Futtaim fashion and home stores, Carrefour, VOX Cinemas, Ski Dubai, and Magic Planet.
Majid Al Futtaim acting chief corporate development officer Joe Abi Akl said: “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.”
