UAE digital wallet present Klip platform for digital cash

September 7, 2020

UAE digital wallet present Klip platform for digital cash

UAE digital wallet present Klip platform for digital cash

“The vision of the Emirates Digital Wallet is to encourage society to abandon the traditional circulation of banknotes.

For this purpose, our mission includes implementing and managing a digital cash platform that replaces traditional banknotes with digital cash, with the participation of all banks, companies and individuals”.

This is what Mohammed Al-Jayash, Chairman of the Emirates Digital Wallet Company, said.

This came after the Emirates Digital Wallet took its first major steps to limit the use of traditional banknotes, and announced its readiness to launch the digital cash platform “Klip”.

The establishing banks of the Klip digital wallet :

Under the patronage and support of the Federation of UAE Banks, this initiative was prepared with the participation of 15 leading national banks in the UAE, whose aim is to promote digital transformation in the country.

The Emirates Digital Wallet is taking deliberate steps to ensure that all individuals and companies are directed to use the Klip Digital platform instead of banknotes.

The Klip Digital Wallet is directly regulated by the Central Bank of the United Arab Emirates, however, the banks participating in its establishment are:

  1. Abu Dhabi Commercial Bank.
  2. Abu Dhabi Islamic Bank.
  3. Al-Hilal Bank.
  4. Al-Masraf.
  5. Bank of Sharjah.
  6. Commercial Bank of Dubai.
  7. Dubai Islamic Bank.
  8. First Abu Dhabi Bank.
  9. Investment bank.
  10. Mashreq Bank.
  11. National Bank of Fujairah.
  12. Ras Al-Khaimah National Bank.
  13. Umm Al Quwain National Bank.
  14. Sharjah Islamic Bank.
  15. United Arab Bank.

The Klip Digital Wallet is an additional step towards a digital society :

“The launch of a nationwide digital cash platform is a complex process,” says Al-Jayash.

Through development, improvement and extensive testing, we were able to provide the ability to exchange traditional cash for its equivalent in digital money.

As we enter the final round of tests, we are taking a further step towards a society that reduces reliance on traditional money.

The Emirates Digital Wallet continues to work with all banks and financial institutions in the United Arab Emirates, to help transform the UAE into a society free of traditional cash.

And this by attracting all sectors in the UAE to become part of the Klip Digital Cash Wallet.

Conclusion :

The UAE banking sector has made significant progress in the digital field.

It adopted the best digital technologies to create a more effective financial system, and support the UAE’s vision aimed at empowering society at all levels.

Abdul Aziz Al Ghurair, Chairman of the Emirates Banks Federation, confirms this, saying:

“The upcoming launch of the Klip Digital Wallet is a milestone in our journey towards digital transformation through which we seek to limit cash circulation in the country and reduce the risks and costs associated with it.

We are confident that this pioneering initiative will boost the UAE economy, and add real value to companies and consumers alike throughout the country.”