Beam Wallet

paymentsmobile/digital wallet

FOUNDING YEAR: 2012
LOCATION: United Arab Emirates
Last Update: 01/05/2020

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About

Beam Wallet is a mobile app which uses NFC based payment system. The user can add card or pre-load credits to the wallet and taps at the terminal to complete the transaction. Beam offers various discounts and cashbacks to its users periodically. The app allows its users to access Beam Wallet services on their phones, and enable them to recharge their mobile and DTH (the provision of TV services through subscription) accounts across service providers. In 2016, Beam became the first app to let UAE pay for fuel from their car. It was ranked no. 5 in Financial IT Pathfinder rankings for 2016/2017 and also winner of Technology Innovation Leadership Award in mobile payment services

Focus

PRODUCTS & SERVICES

NFC based mobile wallet and reward service provider for merchants and consumers.

REVENUE MODEL

Transaction based revenue model - the company operates as a digital wallet

MAIN CLIENTS

Aeropostale

Aldo

Chili’s

Cold Stone Creamery

Costa Coffee

jones the grocer

Kenneth Cole

Shakespeare and Co.

Subway

Tim Horton’s

Tommy Hilfiger and Yo! Sushi and many more.

EXISTING PARTNERSHIPS

Key partners: Bluvision

MasterCard

Klarna

Pagero

ENOC

Carrefour. teleco DU

etc.

COMMENT

Beam's use of BLE beacons allows the same system to be used for tap and go payments at cashiers, table service and fuel payments.

Traction

TRACTION COMMENT:

Currently, the app is being used by 350,000 people, 2+ million transactions have processed, and 15.7 million (AED) rewards are redeemed. It also serves over 3,000 UAE Stores ( August 2017).

People

FOUNDERS

Nadim Khoury

Shezan Amiji

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Majid Al Futtaim Ventures

KEY EMPLOYEES:

Pontus Hanson (Regional MD)

David Horne (CTO)

Momentum

FUNDED

YES

DATE OF LAST FUNDING

Dec 2014

TOTAL FUNDING COMMENT

An undisclosed amount funded through venture capital.

LISTED

NO

BASICS

FOUNDING YEAR:

2012

LOCATION:

United Arab Emirates

Views:

174 VISITORS | 230 VIEWS
TOTAL EMPLOYEES
11-50

About

Beam Wallet is a mobile app which uses NFC based payment system. The user can add card or pre-load credits to the wallet and taps at the terminal to complete the transaction. Beam offers various discounts and cashbacks to its users periodically. The app allows its users to access Beam Wallet services on their phones, and enable them to recharge their mobile and DTH (the provision of TV services through subscription) accounts across service providers. In 2016, Beam became the first app to let UAE pay for fuel from their car. It was ranked no. 5 in Financial IT Pathfinder rankings for 2016/2017 and also winner of Technology Innovation Leadership Award in mobile payment services

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People+
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