Dubai-based mobile payments platform Beam will expand into seven new markets next year, seeking international growth in the increasingly competitive and fragmented payments sector. "Now we've demonstrated and proven value for both the consumer and for the merchant, it's about taking to the next level and opening up into new markets," Beam co-founder Shezan Amiji told CNBC's "Capital Connection" on Wednesday. Beam says it has amassed around 1 million users since launching in the UAE in 2012. It now plans to expand further into the Middle East and into Europe, starting operations in Belgium, the Netherlands, Luxembourg, Portugal, Ukraine, Azerbaijan and Uzbekistan in the next six months. The firm already has a foothold in Australia and Sweden. "There has not been a strategic direction in terms of this market or that market — these are discussions that people have come to us and said, we're interested in what you have done and why can't we work together," Amiji said.

Acquisition play

The rush to aggressively expand overseas comes after Beam's UAE operations were acquired by Majid Al Futtaim, one of the largest privately held brick and mortar retail conglomerates in the region. The company, founded by an Emirati of the same name, operates hotels, retail outlets and malls. It also holds the exclusive rights to the Carrefour supermarket franchise in 38 markets across Middle East, Africa and Asia. "The value proposition for them is about trying to understand consumer behavior better," Amiji said. "The data i think is the richness for them, and also having a direct relationship with the consumer."

Pedestrians walk past street art in Dubai, United Arab Emirates. Getty Images

The terms weren't disclosed, but the acquisition gave Majid Al Futtaim ownership of Beam's IP rights, branding, and e-wallet services, in a bold digital play to acquire and retain customers. It now plans to roll out the digital payments offering across its retail stores in 2019.

Competition grows