Retail and leisure company Majid Al Futtaim acquired the parent company of Beam, one of the UAE’s largest mobile payment providers, with the new owner vowing to rapidly expand acceptance of the app.
Majid Al Futtaim owns some of the largest stores, shopping centres and leisure facilities in the UAE, in addition to assets in other parts of the Middle East, Africa and Asia.
In a statement, the company said the purchase of the wallet app’s parent company Beam Portal represents a “significant milestone in the company’s digital transformation”.
Beam provides standard mobile payment services, but also offers the ability to include loyalty services to the app. It is already accepted in 2,000 retail stores in the UAE, including by the fashion division of Majid Al Futtaim. Its new owner is set to enble the app’s use in the rest of its footprint by the end of next year.
Announcing the acquisition, Majid Al Futtaim acting chief corporate development officer Joe Abi Akl said it would support Beam’s mission to “become the leading omni-payment platform in the region, by introducing new seamless payment experiences for our customers”.
“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,” he added.
The value and full terms of the transaction were not disclosed.Subscribe to our daily newsletter