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FOO, an award-winning fintech solutions provider, has partnered with Majid Al Futtaim (MAF)’s newly formed digital arm, XSIGHT Future Solutions, to provide MAF’s retailers with an embedded wallet experience.
Carrefour, owned and operated by MAF UAE, is the first retailer to adopt the technology and has already rolled out the solution in the UAE, Saudi Arabia and Egypt, with more countries to follow. FOO has accelerated Carrefour’s current refund process by integrating its closed-loop mobile wallet and stored value account (SVA) solution into Carrefour’s existing mobile application, enabling customers to receive instant refunds to their personal accounts.
The partnership with FOO will simplify the chain’s refund process 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 other fintech capabilities to be implemented soon.
Closed loop solution
An agile and efficient closed-loop solution offers several advantages to MAF and end users. For example, credits received from refunds can be used immediately to purchase from any of its merchants, helping to increase customer retention. Additionally, retaining a significant portion of revenue within the MAF ecosystem contributes to the further growth and success of the company.
Hussam Kayyal, Chief Revenue Officer, FOO, commented: “Without a doubt, customer satisfaction is the number one priority for all businesses. Embedded finance can significantly enhance consumer experience by removing traditional pain points. Integrate closed-loop mobile wallets into various MAFs Convenience of service can be improved in consumer apps, leading to increased customer satisfaction and brand loyalty.”
By leveraging in-house design and development methodologies, FOO crafts solutions using a modular platform built on microservices. This unique “plug and play” model enables the delivery of ultra-customized solutions with an extremely short time-to-market. FOO’s products and services offer unrivaled flexibility and scalability, fully in line with MAF’s plans to implement the same solutions across all of its retailers and markets.
optimize operations
Joe Abi Akl, Chief Corporate Development Officer of MAF Holding and Managing Director of XSIGHT Future Solutions, added: “By leveraging FOO’s advanced capabilities, we can enhance our existing digital infrastructure and optimize our operations to meet the changing needs of our customers. We believe this strategic partnership will allow us to set new industry standards and redefine the future of retail.” — trade arab news agency
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