McKinsey: Digitization to Boost Middle East GDP by Nearly USD 100 Billion;
UAE FinTech Startup Trriple to Showcase Digital Payment Innovations at GITEX
Dubai, United Arab Emirates
Digital payments will dethrone “cash as king” in the Middle East, and boost regional GDP by nearly USD 100 billion, industry experts announced today ahead of GITEX Technology Week.
As Middle East countries accelerate their digital transformation agendas with nationwide high-speed technology connectivity, one of the biggest benefits will be quick and easy mobile payments. In the near future, Middle East residents will be able to pay for parking tickets and in-store purchases, top up mobile phone minutes and data, and send remittances via mobile apps.
Paolo Gagliardi, Chief Business Officer of the UAE-based financial technology startup Trriple, said: “Once fast, secure, and easy-to-use digital payments become mainstream, that means ‘cash is king’ no more in the Middle East. Using digital payments, consumers and merchants can save time and money, and gain real-time insights on transaction history and spending trends.”
Trriple estimates that about 80 percent of the UAE’s transactions are done in cash, which can be expensive to produce and secure, and often inconvenient to use. However, if the Middle East captured its full digital potential, and made digital payments widespread, then the region could add USD 95 billion in GDP by 2020, according to a recent report by the consultancy McKinsey.
Experts agree that the UAE is a global leader in supporting digital payments. Already in 2017, the UAE Central Bank has issued regulations for digital payments, supporting UAE Vision 2021 goals of smart government, financial inclusion, innovation, and market competition.
“The UAE government has set the stage for digital payments to transform transactions across every industry vertical, across public sector, to transport, tourism and healthcare. Trriple aims to leverage GITEX to fuel our growth and expansion, by showcasing the latest solutions, meeting with investors, growing our partner ecosystem, and networking with fintech leaders,” added Paolo Gagliardi.
Trriple’s mobile wallet provides a secure and convenient open source payment platform, which can securely connect with any government, organization, or banking network in the world.
At GITEX Technology Week 2017, experience the future of digital payments at the Trriple stand in Hall 6 at the Dubai World Trade Centre.
Trriple is a UAE-based start up offering a first-of-its-kind mobile wallet that enables secure and convenient everyday payments saving consumers and businesses time and money, while meeting the regulatory environment of UAE.
Ushering in the country’s “cashless society” by delivering an inclusive payments ecosystem that is available to both the unbanked using cash, and the banked using cards, Trriple makes on-the-go mobile payments possible on a mass scale in line with the UAE Government’s Vision for a Smart Society by 2017.
Trriple mobile wallet provides the highest accredited certification and security standard in the world for digital payments, while at the same time keeping the actual cash where we trust it to be kept – in banks. The platform is built around a multi-purpose and cross-bank mobile wallet, which can be conveniently funded by cash-in merchants holding Trriple Mobile Point of Sale Terminal (mPOS), as well as person to person transfer, salary transfer or bank accounts.
Trriple mobile wallet’s all inclusive payment and funding process covers the entire spectrum of the payments industry, offering instant and easy banking for consumers, real-time settlements for merchants and enterprises, and faster and more cost effective services for government, service providers, money exchanges and banks.
Trriple has partnered with reputable organizations to bring a wide range of services under one umbrella.
Please visit www.trriple.com for more information.