Fintech Start-up Trriple to launch the Newest Mobile Wallet at GITEX

Trriple aims to make mobile payments accessible to everyone in a convenient and easy way

Trriple mobile wallet is the way to go as people opt for hassle free digital payments, and would like to experience an enhanced offering. From secure encryption to a convenient setting in however way you want your payments and transactions done, Trriple is an indispensable option.
Excerpts from an interview with Paolo Gagliardi, Chief Executive Officer, Trriple Payments LLC:
Tell us about the specifications of the technology that you have for effective and secure digital financial transactions?
Starting from customer registration process and down to functionality, our three-layered security covers data, communication and application in a seamless and safe method, and is fully compliant with the UAE's Regulations. Users' data are stored securely into our own software solution, located into a Data Centre in the country. The Data Centre respects the highest physical and digital security international standards, while our own solution is ISO/IEC 2700 certified IT security to protect customer and partner data. The security level is comparable to banks.
What scope of business do you envision as the concept of digital wallet takes roots?
In the UAE, 40 per cent of people are in the age group of 17 to 35, known as the Millennials, while an additional 48 per cent are BoP workers. Together they constitute more than three-fourth of the total population, and are all unbanked or just under-banked. On the other hand, the current penetration of smartphones is 85 per cent. The combination of these two factors creates strong conditions for Trriple to reach most of the people in those two main segments, and enable them to own their own wallets and have direct access to a variety of services, which are not available today. While Trriple enables mobile payments as a new channel, we envision all the verticals adopting to transform digitally and leverage this new neutral mobile channel capability to extend their reach and improve their UX. In turn we expect a network effect that will present a valuable ecosystem to benefit all the participants.
The first segment is the early adopter of the new technologies, using Internet through different devices is a crucial part of their daily life. According to VISA, Millennials in the UAE spend 6.5 hours of their day on Internet and the use of smartphones is a general trend among almost all of them. Millennials tend to use applications and web portals for ecommerce purposes. In fact, 76 per cent of Millennials in the UAE use the Internet for that purpose, and 55 per cent use it for online bill payments.
Trriple aims to capture the attention of this market, by providing a customised application with attractive promotions and key functionalities, that can be useful in their daily routine, not only to purchase goods and services, but also to access different transaction facilities and financial services.
The second segment works in low range positions for different industries, such as manufacturing, construction, cleaning, and others. Most of them send remittances abroad every time they receive their salaries, whether it is monthly or fortnightly. Labour workers send from 60 to 80 per cent of their salaries to their home countries, and according to the Central Bank of UAE the total remittance sent from the UAE in 2016 was Dh160.8 billion. Trriple aims to capture this population with a convenient remittance offer at fair prices, which can be available for them anytime and anywhere.
What are the innovative offerings of Trriple Payments LLC?
Trriple's purpose is to enable unbanked and under-banked segments to achieve financial inclusion and a Cash-Lite economy. The way to achieve this is to offer a solution that connects the fragmented traditional payment systems, mainly based on legacy banking. The various alternatives we can experience on the market today are largely - if not totally - made of additional layers built on top of existing banking solutions. In other words, the main source of funding remains the bank account and/or a plastic card, which not only means that users must already have access to these services, but that the merchants are subject to pay high fees for each transaction. 
Trriple's mobile wallet to reach the underserved segment does not need any bank account or card to execute payments. On top of this, the Trriple's mobile Application is pivotal to fulfil users' needs from one single entry point: from sending money to each other's, to sending money to their families in their home countries, to paying bills and goods, online or physically at the shop. All in real time, in a safe and easy way, and for a fraction of the cost. Finally, Trriple's experience can be easily exported and reproduced across the Gulf or into other countries where favourable conditions exist.
What role do you see for your company in line with Dubai's smart government goals?
Trriple will play a pivotal role as the first neutral general mobile wallet in the market to speed up the Smart Government goals. As stipulated by the UAE leadership, the country will strive to become a cashless society by 2020, and it will enable digital access to all the services offered to the population. This vision has created an immediate cascaded effect, when all the government, semi-government and private entities have taken notice of Trriple's smart digital solutions. Furthermore, the main objective for the UAE is to achieve people happiness, and technology is one of the key tools to realise this vision. 
Trriple is an enabler; throughout technology we naturally realise this ambition. In fact, regardless of the specific business and sector, the adoption of a mobile wallet allows cash collection from the market and transforms it into digital currency, which is immediately and always available to the citizens to be used for payments. Be it an Airtime TopUp, International Remittance of a sum on money or the payment of a bill, with Trriple there is no need to use cash any longer. This will increase the money in circulation with an immediate benefit on the economy, but will also allow control, from the monthly individual and family expenses up to the compliance with AML and ATF Laws and Regulations, creating a safer and better society.
How many financial, commercial and merchandise entities are linked with Trriple?
Trriple has already secured some key agreements with various ecosystem players. These agreements will allow the successful launch of our wallet. Growing new partnerships is a continuous process, which aims to enlarge the range or services and to offer our customers a set of more competitive and convenient options to choose from. For this reason, we are and will always be at work to secure new deals and agreements with government entities, financial institutions, merchant networks, and technology vendors. Our customers will soon benefit from this process, starting very soon with the next release of our wallet.
- mehkri@khaleejtimes.com