FERG’s initiative on e-receipt system marks a paradigm shift, saving 50mln paper receipts annually

FERG’s initiative on e-receipt system marks a paradigm shift, saving 50mln paper receipts annually

The Foreign Exchange and Remittance Group (FERG) has launched an e-receipt system, transforming financial transactions, enhancing efficiency and environmental responsibility. Approved by the Central Bank of the UAE (CBUAE), Exchange Houses can now issue digital receipts, eliminating over 50 million paper receipts annually. Once customers sign on an electronic pad, e-receipts are delivered via email or WhatsApp, offering a seamless and secure experience. Mr. Adeeb Ahmed, Vice Chairman of FERG, said “As COP28 UAE brings the world together at a critical moment for climate action, FERG is deeply committed to driving sustainable growth and innovation within the UAE's financial industry. As a proactive platform of the exchange industry, we are proud to lead the change towards a more sustainable, efficient and customer-centric financial landscape. We continue to redefine the norms and set new standards in the fintech industry.” Customers can now store digital receipts securely on their smartphones and access them at the touch of a button. The financial information is encrypted and delivered directly to the customer, ensuring data is confidential and every transaction now contributes to a greener, more sustainable future. FERG is a registered business group with the Dubai Chamber of Commerce & Industry, which oversees and supports