News and Announcements
Beam is bringing blockchain to retail mobile payments
- Published August 09, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Beam, a global payments acceptance platform, is providing a mobile solution for retail payments through the linkage of mobile phones and blockchain technology.
- Beam has created an alternative mobile payments solution that rewards its customers for purchasing everyday products using their mobile device.
- They are also offering to drop the minimum reward contribution amount of 2 percent and offer zero payment processing fees to all merchants on the Beam market.
Beam, a global payments acceptance platform, is providing a mobile solution for retail payments through the linkage of mobile phones and blockchain technology. According to multiple studies, the retail economy loses $4.5 trillion each year by incumbent intermediaries. In response to this, Beam has created an alternative mobile payments solution that rewards its customers for purchasing everyday products using their mobile device.
Beam integrates with point-of-sale systems to process transactions on behalf of its retailers. Each of these transactions on their platform captures transactional data points, and each party owns their own data. However, Beam does have plans to remove the point-of-sales from the process so the merchants can save on unnecessary 20th-century equipment.
The company’s growth is dependent on providing an incentive to try their platform. Beam is inviting local partners and network participants to join and start generating revenues. They are also offering to drop the minimum reward contribution amount of 2 percent and offer zero payment processing fees to all merchants on the Beam market.
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About Beam
Beam is a 21st-century global payments acceptance platform with built-in support for smart contracts. Beam’s technical network reach exceeds 400,000 stores globally, with 5,000 currently live in three continents. Having executed over 4.3 million smart contracts with a total throughput over $250 million, we have proven the benefits of Beam at scale. Using a token economy specifically built for retail, we’re opening up Beam’s proven smart contracts protocol to the world to accelerate our growth globally.
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