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2nd Edition Digital Wallet Summit 2017 ~ Dubai
October 11, 2017 - October 12, 2017
Regional economies in the Middle East are looking at creating new cashless economy for the 21st century; an economy where one does not have to visit an ATM, nor carry cash that does not fill your pocket or wallet. The region is focusing on going digital both to reduce and ultimately eliminate cash from the system, and to allow those without bank accounts to enjoy the convenience, security and peace of mind of having cash without the physical frustration and risks it entails.
The United Arab Emirates have just recently launched the Emirates Digital Wallet which paves the way for cashless spending, money transfers and storage of money for everyone living and working in the UAE. The Emirates Digital Wallet has been set up by bringing together globally renowned best practices from a wide variety of payment systems, and provides a unique solution tuned in to the needs of the region.
Emirates Digital Wallet LLC, a company owned by 16 shareholding banks and fully sponsored by UBF, has been set up to transform the UAE into a leading cashless economy. According to a global study conducted by MasterCard, there is an estimated $822bn opportunity by 2017 in the prepaid card segment — with a $13bn opportunity in the UAE and Saudi Arabia alone.
This new system, has been rolled out as an app that provides a free to use, highly convenient, safe and highly efficient way of making payments without the use of physical cash. This system is in line with the UAE’s smart government initiative and provides a simple to use, interconnected payments platform using smartphones and other handheld digital devices.
Today contactless payments are rapidly gaining ground globally, driven by customer convenience and efficiency, this innovative mode of payment has opened up new dimension for daily transactions by consumers. Mobile wallets, online payment providers, near field communication (NFC) technology, have and continue to transform the space, allowing merchants to increase their point-of-sale transactions through customers making cashless payments, or using simple “Tap-and-Go” payment solutions.
Hence, we at Traicon will be hosting a two day educational platform known as the Digital Wallet Summit 2017, scheduled to take place on 11& 12 October in Dubai, UAE. The Digital Wallet summit will provide all the participating organizations with an excellent opportunity to meet, network, exchange ideas and come up with real-time solutions to some or the region’s most pressing issues.
We at Traicon request all the regional experts, government authorities, key stake holders involved in Digital Wallets and Fintech companies to actively participate in this summit that focuses on “Transforming the Middle East into a Leading Cashless Economy”.