Digital payments will dethrone “cash as king” in the Middle East, and boost regional GDP by nearly $100 billion, UAE-based mobile wallet startup Trriple announced today ahead of GITEX Technology Week.
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.
A recent report by consultancy McKinsey estimated that if the Middle East captured its full digital potential, and made digital payments widespread, then the region could add $95 billion in GDP by 2020.
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.
Trriple’s chief business officer Paolo Gagliardi 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.”
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,” Gagliardi added.
