Mobile wallets for salary transfers: The Business advantage

Paolo Gagliardi, CEO of Trriple In the age of digitization, the concept of a cashless society is now more relevant than ever before. The mobile wallet market is projected to grow to US$2.3 billion by 2022 in the UAE, according to a report by ResearchAndMarkets.com . Mobile wallets have the opportunity to grow in this market and significantly strengthen the replacement of traditional cash payments with secure online payments. The increase in the adoption of using mobile wallets as the preferred mode of transaction is a positive sign for the future of payments. The benefits of mobile wallets to users are quite well understood, even if adoption rates vary in different parts of the world. If one was to draw a parallel to the earlier days of banking – before they all came online – companies used to pay salaries via cheque or cash, which employees were free to deposit in a bank of their choice, or use directly. Now it is quite commonplace for employers to transfer salaries directly to employee bank accounts. Taking this line of thought forward, is it time for businesses to explore mobile wallets as a very viable and secure alternative to pay salaries? [...]

 

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