FOO, an award-winning fintech solutions provider operating in the MENA region, has partnered with XSIGHT Future Solutions, Majid Al Futtaim’s newly formed digital arm accelerating the company’s digital transformation journey, to provide an embedded wallet experience for Majid Al Futtaim’s retailers.
Carrefour, owned and operated by Majid Al Futtaim in the UAE, is the first retailer to adopt this technology and has already launched the solution in the UAE, KSA and Egypt, with many more countries to follow. FOO has expedited Carrefour’s current refund process by integrating its closed-loop mobile wallet and stored value account (SVA) solution into Carrefour’s existing mobile app, enabling customers to receive instant refunds to their personal accounts.
The collaboration with FOO will streamline the hypermarket chain’s refund procedure and provide a more seamless shopping experience for its customers. The embedded wallet solution is just the beginning of a long-term partnership between FOO and XSIGHT Future Solutions, laying the groundwork for additional fintech capabilities that will soon be implemented.
The agile and efficient closed-loop solution offers several benefits for both Majid Al Futtaim and the end user. For instance, the credit received from the refund can be used immediately against purchases from any of its merchants, helping to drive customer retention. Moreover, retaining a significant portion of revenue within the Majid Al Futtaim ecosystem contributes to the company’s further growth and success.
Hussam Kayyal, Chief Revenue Officer at FOO commented: "There’s no doubt that customer satisfaction is the number one priority for all businesses. Embedded finance can significantly enhance consumer experience by eliminating traditional pain points. Integrating a closed-loop mobile wallet into the various Majid Al Futtaim consumer apps improves ease of service, therefore enhancing customer satisfaction and brand loyalty."
By leveraging an in-house design and development approach, FOO crafts solutions using a modular platform built on microservices. This unique ‘plug and play’ model enables the delivery of super-personalized solutions with exceptional time to market. FOO’s products and services offer an unparalleled level of flexibility and scalability, aligning perfectly with Majid Al Futtaim’s plans to implement the same solution across all its retailers and markets.
Joe Abi Akl, Chief Corporate Development Officer at Majid Al Futtaim Holding and Managing Director of XSIGHT Future Solutions, added: "We are delighted to partner with FOO to elevate our digital services and deliver an exceptional shopping experience to our customers. By leveraging FOO’s advanced capabilities, we can enhance our existing digital infrastructure and optimize our operations to meet the evolving needs of our customers. We are confident that this strategic partnership will enable us to set new industry standards and redefine the future of retail."
