DUBAI: Beam Wallet, a revolutionary mobile commerce and rewards platform developed and launched in the UAE in 2012, has announced a landmark investment from Majid Al Futtaim Ventures.
The partnership marks a first-time entry into the fast growing tech industry for Majid Al Futtaim Ventures, which operates as the growth engine driving new enterprise development that complements & reinforces Majid Al Futtaim Holding’s leadership in shopping, retail & 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 give Majid Al Futtaim 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 Majid Al Futtaim’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,” Shezan Amiji, co-founder Beam Wallet, said.
“The entire Beam Wallet platform has been built in-house here in the UAE, and having gone through the rigorous benchmarking process required by Majid Al Futtaim 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,” Rasool Hujair, CEO of Majid Al Futtaim Finance, said.
Bridging the gap between retail’s digital and bricks and mortar environments, Beam Wallet’s innovative mobile solutions ensure convenience, security and rewards for both retailers and consumers. Businesses enjoy increased revenue, an additional marketing channel and the capacity to reward their own customers directly. Consumers enjoy the convenience of using their smartphones to make secure payments, benefit from valuable offers and earn rewards, while also keeping track of their budgets.
Because it resides on the mobile device, Beam Wallet will work over any platform, with any retailer, and with any 3G phone running Android or iOS operating systems.
Beam Wallet is currently accepted and available in more than 1,120 popular retail and dining outlets, including Costa Coffee, Tim Horton’s, Subway, Cold Stone Creamery, Aldo, Tommy Hilfiger, Yo! Sushi, Aeropostale and Kenneth Cole, to name a few. The new partnership will increase Beam Wallet subscribers’ access to Majid Al Futtaim’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.