Annually, the UAE counts USD 230 billion (DHS 844 billion) in consumer payments to 170 government entities and more than 350,000 merchants,zawya.com reports. Cash accounts for more than 75% of all transactions in the UAE, a number the company says is set to plunge as demand increases for a wide range of payment services, from mobile wallets and mobile point-of-sale to electronic payments and global money transfers.
Trriple, a UAE startup, is a customer-centric digital payments service provider whose payments platform enables both the unbanked using cash, and the banked using cards, to be able to make mobile payments on a mass scale.
In order to support the payment demands of the UAE, Trriple has brought together a strategic partnership ecosystem composed of technology organisations, to include global giant, Ericsson. These partnerships will allow Trriple to leverage their core competencies in m-commerce technology, mobile point-of-sale technology, high volume transaction processing, and digital ID verifications.
The Trriple mobile commerce platform offers payment solutions that include NFC between consumers holding its mobile wallet and merchants deploying its mobile point of sale terminal. Mobile wallet users can fund, or “top-up”, their accounts in several ways: ATM machine, credit or debit cards, cash-in at certain locations, and direct debit service or funds transfer system.
Trriple, as a bank-led mobile wallet provider, has also partnered with major UAE banks to facilitate digital payments on its platform. According to Cap Gemini’s World Payments Report 2014, mobile payments from 2011-2015 are expected to grow more than 60% to 47 billion transactions.
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