According to Arabian Business, the acquisition grants Majid Al Futtaim ownership of Beam’s IP rights, branding, and e-wallet services across the region.
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 allow customers to pay by phone, while earning cash back on their purchases.
In addition, the publication mentions that 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.
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