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Mobile Payments

Beam to bring blockchain to retail mobile payments

Thursday 9 August 2018 | 09:48 AM CET

Beam Wallet, a mobile wallet app in UAE, has announced plans to launch a new mobile solution for retail payments by linking smartphones and blockchain technology.

Beam was the first app to let users in the United Arab Emirates (UAE) pay for fuel from their cars, according to VentureBeat. The startup’s technical network operates in more than 400,000 stores globally with over 5,000 live stores on three continents. In addition, the wallet has processed payments for retailers such as Carrefour, Costa Coffee, Aldo, Tommy Hilfiger, and more.

Through its platform, Beam introduces an alternate mobile payments solution, rewarding its customers for purchasing everyday products using their phone. Beam integrates with point-of-sale (POS) systems natively to process transactions on behalf of its retailers. Every payment on the Beam platform captures transactional data points, and each party owns their own data.

According to the startup’s co-founder and CEO Serdar Nurmammedov, merchants can use a web browser to process transactions and Beam also provides apps for that purpose. The plan involves eventually removing the POS from the process.

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