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September 24, 2017 | 10:55 | Dubai
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.