Beam, a UAE-based mobile payments acceptance platform plans to launch blockchain-based retail payments. The new platform will help the customers to carry out transactions in the retail stores seamlessly.
Dubbed as Beam wallet, the app is designed by linking Smartphones and blockchain technology. As an alternate payments solution, the company’s main goal is to change the approach of mobile payments. The new app will reward customers for every purchase they make through their Smartphones.
Beam’s workforce is spread worldwide in more than 400,000 stores and on three continents, they have 5,000 live stores. Retailers like Carrefour, Costa Coffee, Aldo, Tommy Hilfiger, and several others have used Beam’s platform for processing their payments.
The process of payment for Beam: it integrates with point-of-sale systems to carry out transactions on behalf of its retailers. The payments carried out on the platform collects transactional data points and the party gets their own data.
The payment model of Beam is very different than the traditional retail value chain, as it provides channels of visibility, which sometimes lacks in the traditional counterpart. In effect, customers will have the access to control their own data; the retailers can gain real-time insights from the customer’s values during the data exchange. The process will help both the retailers to attract more consumers.
“Beam integrates with POS systems natively (directly at the machine level) as well as with the credit card terminals. We also provide apps to merchants to process Beam transactions. Finally, they can also use a web browser to process Beam transactions,” said Serdar Nurmammedov, Co-founder, Beam.