Majid Al Futtaim Invests On Beam Wallet
Great news came today in Wamda’s Article, saying that Majid Al Futtaim is investing on Beam Wallet. It is one of the first investments in the regional tech industry so this is increasing the importance of the news for all of us.
People living in UAE knows Beam Wallet very well, as the initiative is offering one of the most successful mobile payment services in the region. There are more than 100,000 user of Beam who are eligible to use their wallet in over 1,100 retail stores including Costa Cafee, Tim Horton’s, Subway and Aldo. Customers can add their debit or credit cards and than make the payment by reading the QR code on the cashier. They can also enjoy by location based offers and collect or redeem points during their purchase instantly.
The amount of the investment is not disclosed yet, but as one of the largest investment groups, Majid Al Futtaim took a very important step with this investment. Currently, Al Futtaim group owns 18 shopping malls, 56 hypermarkets and 53 supermarkets, 11 hotels, 9 movie theaters and 45 fashion stores in 12 countries. This means, there is a huge opportunity for Beam Wallet to reach a wide range of merchants after this investment.
As Modirates.com, we definitely think that, this will definitely create an opportunity to position Beam Wallet as a global wallet player. We are using Beam Wallet in our purchases, especially in Tim Horton’s near our office. The only issue is, the technology will decide on the user experience of the mobile wallets and user experience will decide on the success of the wallet. QR code solution seems to be the only available option alongside with the BLE (Bluetooth beacon) technology so far. Beam is using the QR payment option, which is not really creating the best possible user experience for the customers to continue using their Beam Wallet in their daily transactions. But for sure, this investment will create them the ability to enhance their technology in the near future.