Download Cards and Payments – Eng

For Immediate Release:
30 May 2016
UAE Feels Global Push to Move Beyond Cards for Payment
‘Consumer Spending Future of Emirates is Primarily Mobile Payments-based,’
Says Dubai-based Trriple CEO
Dubai, United Arab Emirates
The Emirates will soon become a cashless society, but it may also become more mobile driven
when it comes to payments, says the CEO of mobile payments company, Trriple.
As many as 75% of all UAE transactions may be done in cash; however, this antiquated form of
payment is as expensive as it is seemingly convenient, with global economists in agreement that
the “cost of cash” ranges between 1.25 and 2.0 percent of the GDP of a nation. For an economy
such as U.S with $16.5 trillion in GDP, the cost of cash per annum is US $200 billion.
There are tremendous efficiency costs to cash, whereas a cashless society means fewer direct
costs to print and distribute money, but also far fewer opportunity and social costs related to
criminal activity and black or grey market economics.
Mobile payments bring increased efficiency, security, and social inclusion, elements not fully
realized today with credit cards.
“The way UAE consumers spend money is set to change forever, with mobile payments quickly
becoming the norm rather than the exception. There is clearly a global push to move beyond
using only plastic cards for payments, enriching the consumer experience through mobile apps,”
says Ahmed Fasih Akhtar, Co-Founder and Chief Executive Officer of Trriple, ahead of the
Cards & Payments Middle East 2016 event taking place from 31 May at the Dubai World Trade
Centre, the region’s largest smart card, payments, and identification show.
The Trriple payment platform offers highly-secure and convenient payment solutions that
include NFC and QR Code, between consumers holding their mobile wallets and merchants
deploying their mobile Point of Sale (mPOS) terminals for accepting payments.
Mobile wallet users can fund, or ‘top-up’, their accounts in several ways: cash-in at merchant
locations; credit or debit cards; ATM machine; and through salary transfers using the Wages
Protections System (WPS) mandated by the Central Bank of UAE and Ministry of Labour.
Trriple, as a bank-led mobile wallet provider has also partnered with major UAE banks to
facilitate digital payments on its platform.
-ENDS-
About Trriple
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-thego 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 credit/debit cards, ATM, 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. Trriple’s main partners include Ericsson, Noor Bank, Verifone Mobile Money,
National Plus, GreytHR, CloudCart and Sutherland Global Services amongst others.
Please visit www.trriple.com for more information.
Media Contacts
Trriple
Didem Turkmen Redman
[email protected]
+971 52 2369797
Wallis Marketing Consultants
Steve Baron
[email protected]
+971.4.275.4100