The United Arab Emirates has seen a boom from 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 in addition to 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, in addition to more recently, Google Pay are all currently available from the country.
A consortium of 16 banks from the UAE are also joining forces to create the Emirates Digital Wallet — known as Klip — which aims to further enable the cashless economy in addition to support the UAE central bank aim of reducing in addition to ultimately eliminating the circulation of cash to minimize financial risk in addition to fraud.
Beam attempts to differentiate its offering by providing users a hyper-local experience, in addition to offering loyalty rewards, cashback programs in addition to incentives within its ecosystem.
“Mobile payments solutions are trying to solve a problem in which doesn’t exist today. You need to offer the consumer in addition to the merchant something in which they can’t get,” Amiji said.
“The value proposition of convenience is actually too narrow to shift consumer behavior at scale, so you need to have value from the system in order to incentivize change in addition to drive adoption at scale,” he added.