Trriple mobile wallet to cash in on $19bn UAE remittance market
United Arab Emirates (UAE) start-up Trriple will launch its mobile wallet service during this year's GITEX Technology Week event in Dubai. The company is targeting the large number of expats in the UAE who spend an estimated average of AED6,000 ($1,633) per year to transfer $19bn overseas, aiming to make the process faster and more secure. The mobile wallet can connect with any point of sale, bank or other Trriple user and supports peer-to-peer transfers, payment for goods and services as well as cross-border transactions. 
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 USD 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 Dh6,000 per year on money transfers, besides enduring long queues resulting in loss of several man-hours per year.

Addressing this issue, a new mobile wallet service is set to launch during Gitex, which has been developed by digital payments enabler 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.

“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.

“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 Mr Gagliardi.