Emirates Digital Wallet has recently announced that it plans to soon launch klip, a UAE-based digital cash platform, as its first step into diminishing the use of cash.
The platform is currently undergoing its final round of testing. It is supported and sponsored by the Central Bank of the UAE, UAE Banks Federation and Emirates Digital Wallet LLC.
The initiative is set up by 15 of the country’s leading national banks and aims to enhance digital transformation.
Chariman of Emirates Digital Waller, Mohammed Al Jayyash, said, “The vision for Emirates Digital Wallet has always been to act as the catalyst in creating a society without any physical cash in circulation. To get there, our mission involves implementing and managing a digital cash platform, inclusive of all banks, businesses and individuals, that seamlessly integrates and replaces physical cash.”
“Introducing a country-wide digital cash platform is a complex operation. Extensive development, refinement and testing – alongside the continued support of the UAE Central Bank and UAE Banks Federation – has led us in delivering the capability of replacing physical cash with a digital equivalent. As we enter this final round of testing, we become one step closer to our society having no dependency on physical cash,” he continued.
H.E AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, added, “Technology is constantly evolving and changing, increasing operational efficiencies for businesses while improving the day-to-day lives of consumers. The UAE banking industry has already made tremendous progress in this regard, adopting digital technologies to create a more robust, efficient financial ecosystem that supports the UAE’s vision to empower society at all levels.”
“The imminent launch of klip is the next significant milestone in our digital transformation journey, as we seek to reduce the circulation of cash in the UAE economy therefore removing the inherent risks and costs associated with it. We are confident that this pioneering initiative will not only further strengthen the economy, but also add real value to businesses and consumers across the country.”
Al Jayyash concluded, “Emirates Digital Wallet LLC is continuing to work closely with all the Banks and Financial Institutions in the UAE, under the guidance and supervision of the UAE Central Bank, to be the catalyst in transforming UAE into a truly cashless society by integrating all verticals across the UAE to become part of klip Digital Cash Platform. We really appreciate the efforts from the three pioneer banks (Mashreq, NBF and FAB) into making this a reality, and congratulate them on achieving this milestone.”
