If you’re an expat, living away from family, sending money home from the UAE will likely happen at some point. Dubai has an expat population of about 85% and the UAE is one of the world’s largest remittance-sending countries in the world.
And now UAE residents will soon be able to send remittances directly through their mobile phones using a mobile wallet. This new service, developed by digital payments enabler, Trriple, enables instant and secure transactions straight from your smartphone.
RELATED: Just because you live in the UAE, doesn’t mean you need to have an account in AED. Click here to compare the best bank accounts in the Middle East.
According to a recent report by Nimmök Consulting, over USD 19 billion in remittances leaves the UAE each year. And recently, Guardian Wealth Management, an online currency trading firm estimated that the average expatriate in the UAE spends an average of AED 6,000 per year on money transfers to other countries.
The problem with this is that the traditional method of sending remittances is time-consuming and long-winded – usually involving standing in a queue for ages.
According to Trriple, the process of remitting funds outside the UAE can be incredibly inconvenient for the average resident. Trriple mWallet users can now avoid losing man-hours and the struggle that can sometimes come with sending money back home.
Trriple’s mWallet can connect to any bank, Trriple user or point of sale (POS) terminal, which means that you can receive funds from a bank account or from a merchant, and the funds will go directly into your wallet.
SEE ALSO: How payments tech is changing the UAE
“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 enables people to send money instantly, securely and from the convenience of their mobile devices,” said Paolo Gagliardi, Chief Executive Officer of Trriple.
Trriple users can also make peer-to-peer transfers, top up their telecom credit with du or Etisalat and pay for goods.
Trriple’s mWallet is set to launch at GITEX Technology Week, which runs from 8 October to 12 October at Dubai World Trade Centre.