Dubai-based mobile wallet app Beam prepping for global expansion

Beam's UAE operations were acquired by Majid Al Futtaim in November.
Beam, Mobile wallet, Mobile, Business, Money, Smartphone, UAE, United Arab Emirates, Tech, Technology, Society, Expansion, Commerce, Dubai


Beam is beaming beyond the UAE soon.

Beam, a Dubai-based mobile payments platform, will expand in seven new markets in 2019, according to co-founder Shezan Amiji.

“Now we’ve demonstrated and proven value for both the consumer and for the merchant. It’s about taking to the next level and opening up new markets,” he said he said in an interview with CNBC.

Since launching in the UAE in 2012, Beam has built a user base of approximately a million users, Amiji noted, adding that in the next six months the company plans to expand into Belgium, the Netherlands, Luxembourg, Portugal, Ukraine, Azerbaijan and Uzbekistan.

The firm already has a presence in Sweden in Australia.

“There has not been a strategic direction in terms of this market or that market – these are discussions that people have come to us and said, ‘we’re interested in what you have done and why can’t we work together’,” he added.

Amiji’s comments come just weeks after Majid Al Futtaim announced the acquisition of Beam Portal, the owner of Beam.

The acquisition grants Majid Al Futtaim ownership of Beam’s IP rights, branding, and e-wallet services across the region, representing a significant milestone in the company’s digital transformation.

Beam enables retailers to accept mobile payments and engage with customers directly through their smartphones. The payment and rewards platform, which already has a partner network of more than 2,000 stores in the UAE only, will enhance Majid Al Futtaim’s shopping experience, allowing customers to pay by phone, while earning cash back on their purchases, the company said in a statement.

“The value proposition for them is about trying to understand consumer behaviour better,” Amiji said in the CNBC interview. “The data, I think, is the richness for them, and also having a direct relationship with the consumer.”

The terms of the deal between Majid Al Futtaim and Beam Portal were not disclosed.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story