UAE gets mobile wallet for cross-border remittance
UAE residents will soon be able to send remittances directly through their mobile phones, using a first-of-its-kind mobile wallet, set to launch at GITEX Technology Week 2017.
The new service, which enables instant and secure transaction through a mobile application, has been developed by digital payments enabler Trriple.
With a booming economy and an expat population of about 90 per cent, the UAE is one of the world’s largest remittance-sending countries in the world, topping $19 billion per year, according to a recent report by Nimmök Consulting. The World Bank has ranked the UAE among the top 10 countries for outward remittance to emerging markets.
However, the process of remitting funds outside the UAE can be incredibly inconvenient for the average UAE resident, according to the UAE-based financial technology start-up Trriple. Recently, Guardian Wealth Management, on online currency trading firm estimated that the average expatriate in the UAE spends an average of AED 6,000 per year on money transfers, besides enduring long queues resulting in loss of several man-hours per year.
“UAE residents sending remittances no longer want to stand in long queues holding cash, pay high fees, or wait days for transfers to clear. A mobile wallet and digital payments can cut through the delays, and enable people to send money instantly, securely, and from the convenience of their mobile devices,” said Paolo Gagliardi, Chief Executive Officer, Trriple.
As an open platform, Trriple’s mobile wallet can connect to any bank, Trriple user, or Point of Sale (POS), which essentially means that Tripple’s mobile wallet can receive funds directly from bank account, from other Trriple users, or from the merchants where user can provide the cash to the merchant to get funds in his/her wallet. As a result, Trriple users can make peer-to-peer transfers, top up their mobile credit on du or Etisalat networks, pay for goods at merchants and send cross-border remittances using Trriple mobile wallet.
“GITEX Technology Week is an ideal global platform for Trriple to demonstrate how digital payments platform can enable the UAE’s and the region’s cashless economy, helping the government, merchants, and consumers save time and money. At GITEX, Trriple aims to expand our investor and channel partner ecosystem to fuel our growth,” added Gagliardi.