Sunday, May 31, 2020

Transactions: June 2020

Park Hacienda. Image courtesy of JLL Capital MarketsREAD THE DIGEST SALES Property Asset Type Location Buyer Seller Notes/Arranged By Value Date Announced 330 Madison Avenue Office Manhattan Munich Re Abu Dhabi Investment Authority CBRE represented the seller in the...

Dubai-based mobile payments provider Beam goes global after major retail acquisition

The United Arab Emirates has seen a boom in the number of local mobile payments services on offer for consumers over the past two years, with platforms rushing to capitalize on the growing popularity of digital payments and attract the country’s 1.3 million unbanked adult residents.

Mobile operator Etisalat, along with local bank, Emirates NBD, both launched mobile wallet offerings in 2016. Apple Pay, Samsung Pay, and more recently, Google Pay are all now available in the country.

A consortium of 16 banks in the UAE are also joining forces to create the Emirates Digital Wallet — known as Klip — which aims to further enable the cashless economy and support the UAE central bank aim of reducing and ultimately eliminating the circulation of cash to minimize financial risk and fraud.

Beam attempts to differentiate its offering by providing users a hyper-local experience, and offering loyalty rewards, cashback programs and incentives within its ecosystem.

“Mobile payments solutions are trying to solve a problem that doesn’t exist today. You need to offer the consumer and the merchant something that they can’t get,” Amiji said.

“The value proposition of convenience is too narrow to shift consumer behavior at scale, so you need to have value in the system in order to incentivize change and drive adoption at scale,” he added.

Latest Posts

Princess Launches 2022 World Cruise, Spanning 111 Days

Princess Cruises has launched the 111-day its 2022 world cruise, featuring 51 destinations, 29 countries and six continents, with two roundtrip options -...

Princess Cruises Launches 2022 World Cruise

Princess Cruises has launched the 111-day Princess 2022 World Cruise; featuring 51 destinations, 29 countries and six continents, with two roundtrip options - from...

Elissa’s song Ahwet El Madi achieves huge success

CAIRO – 29 May 2020: Lebanese super star Elissa latest song entitled ''Ahwet El Madi'' (...

Photos: Take a look at the dishes from Nobu’ Dubai’s new weekend brunch

Most Popular Stories .at-svc-whatsapp{ display: none; } .at-share-tbx-element.addthis_32x32_style .at-share-btn, .at-share-tbx-element.addthis_32x32_white_style .at-share-btn { max-width: 123px; } .addthis_32x32_style .at4-icon, .addthis_32x32_white_style .at4-icon, .at-32x32 { width: 123px; } .addthis_sharing_toolbox{ margin: 10px...

Don't Miss

Sorbonne University Abu Dhabi Grants Academic Excellence Scholarship to outstanding Students

Related Articles Abu Dhabi, 21 May 2020, In line with its philosophy of providing world-class education that motivatesthe best students from the...

The latest innovation for faster and more flexible online shopping

Dubai, UAE: Carrefour, operated by Majid Al Futtaim in the UAE, is introducing Click and Collect, a new service that will give online shoppers...

Dubai to reopen gradually from May 27

Dubai will reopen gradually from May 27, Khaleej Times reported.The publication also shares a list of what all reopens tomorrow: •           Cinema halls with social...

Dubai Police launches ‘Stay Safe’ video game

The General Department of Artificial Intelligence, AI, at Dubai Police has launched a new video game entitled "Stay Safe", to raise awareness on COVID-19...

UAE weather update: Humid, overcast conditions to continue for rest of the week

The UAE recorded its lowest temperature of 22.6°C in Jabal Jais at 1am today Zainab Mansoor Wednesday 27 May 2020Humidity with partly, sporadic overcast conditions are...

Stay in touch

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: