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Majid Al Futtaim (MAF), the Dubai-based multinational conglomerate with a pan-Arab presence in the region’s shopping mall, retail, and leisure establishment businesses, has acquired mobile wallet Beam. The new development was confirmed by none other than the holding company’s chief executive Alain Bejjani via LinkedIn. Per the deal, MAF will assume full ownership of Beam’s e-wallet service, branding, and IP rights. However, neither of the two companies has so far revealed the financial aspects of the deal.

“Today I am proud to announce Majid Al Futtaim’s acquisition of Beam Portal – the owner of Beam, the leading mobile wallet app in the UAE. Beam is integral to our promise to offer our customers a unique and unforgettable experience tailored to their wants and anticipating their needs through an even better understanding of their desires,” Bejjani stated.

Beam was launched in 2012 by Shezan Amiji and Serdar Nurmammedov with the vision of making mobile payments easier and more reliable for users in the UAE and Sweden. As of today, Beam claims to have more than 750,000 active users, becoming one of the leading mobile wallet services in the region.

In addition to wide range e-commerce portals, Beam wallet is also accepted in a number of cafes, retails stores, and supermarkets across the UAE. One big advantage the company enjoys over many of its competitors is the fact that the e-wallet app currently boasts somewhere around 5,000 stores in its network. The company claims to have processed more than four million transactions till date with users redeeming approximately $9 million under various reward and cashback schemes.

Now that Beam has been acquired by MAF, the e-wallet service can expect integration with even more brick and mortar businesses including the hotels and shopping malls owned and operated by its new owners.