In an interview with UNLOCK, Paolo Gagliardi Chief Executive Officer of Trriple stated, “When the Blockchain platform becomes viable enough and safe enough. When we have a cryptocurrency that is stable and can store value without huge fluctuations we will be the first ones to implement it at Trriple.”
Trriple which launched in October 2017 allows UAE residents to send remittances directly through their mobile phones using Trriple’s mobile wallet.
According to Gagliardi, “We would like to create more financial inclusion as our users do not need to have bank accounts ad who cannot afford to pay high fees for transferring funds. We also want to work towards creating a cashless society that will not only benefit governments by decreasing the cost of producing coins and paper money but also by increasing control over money laundering and terrorist financing.” Trriple currently partners with exchanges, and financial institution.
When asked about using Blockchain technology Gagliardi states, “We see ourselves as a technology enabler and for us Blockchain is another technology we can use. Today Blockchain as a form of payment using crypto-currencies is still not an option in many countries as it is still not regulated. We will inevitably be the first to use Blockchain once the technology has matured and we have a cryptocurrency that is pegged to either a fiat currency or is stable enough for us to use as remittance payment.”
With a booming economy and an expat population of about 90 per cent, the UAE is one of the world’s largest remittance-sending countries in the world, topping USD 19 billion per year, according to a recent report by Nimmök Consulting. The World Bank has ranked the UAE among the top 10 countries for outward remittance to emerging markets.
As an open platform, Trriple’s mobile wallet can connect to any bank, Trriple user, or Point of Sale (POS), which essentially means that Tripple’s mobile wallet can receive funds directly from bank account, from other Trriple users, or from the merchants where user can provide the cash to the merchant to get funds in his/her wallet. As a result, Trriple users can make peer-to-peer transfers, top up their mobile credit on du or Etisalat networks, pay for goods at merchants and send cross-border remittances using Trriple mobile wallet.