Majid Al Futtaim acquires payment company Beam Portal
Deal will give UAE mall operator its own digital payment and rewards platform
Shopping mall operator Majid Al Futtaim has acquired digital payments company Beam Portal.
The deal will make Beam Portal's Beam mobile wallet app the payment service of choice for all Majid All Futtaim businesses, which include malls, retailers and leisure outlets.
The acquisition grants
Majid Al Futtaim ownership of Beam's IP rights, branding, and e-wallet services across the region. MAF said that the deal is a cornerstone of its digital transformation plans.
Beam enables the retailers to accept mobile payments and 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.
"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.
"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."
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.
Effective now through January 1st, 2019, new Beam customers paying for the first time through the app, will receive 30% 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.