UAE-based Majid Al Futtaim (MAF), a shopping mall and leisure pioneer, has entered into a partnership with Beam Wallet, a mobile commerce platform, a move which marks a first-time entry into the fast growing tech industry for the former.

The partnership will enable Beam Wallet to scale operations and propel expansion locally, regionally and internationally, while also giving 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,” said Shezan Amiji, co-founder Beam Wallet.

“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.”

Rasool Hujair, CEO of Majid Al Futtaim Finance said:  “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.”

Bridging the gap between retail’s digital and bricks & mortar environments, Beam Wallet’s innovative mobile solutions ensure convenience, security and rewards for both retailers and consumers, a statement said.

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, the statement added.

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.

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 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.- TradeArabia News Service