Dubai: Emirates Digital Wallet on Wednesday announced its first major step towards eliminating the use of physical cash, as klip, the UAE’s digital cash platform, enters its final round of testing.
The nationwide initiative – jointly set up by 15 of the UAE’s leading national banks – aims to drive digital transformation across the UAE economy and society.
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Sponsored and supported by the UAE Banks Federation and the Central Bank of UAE, Emirates Digital Wallet LLC is working towards enabling all individuals and businesses in the UAE to move away from the use of physical cash.
“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,” said Mohammed Al Jayyash, Chairman of Emirates Digital Wallet.
Emirates Digital Wallet is taking careful steps to ensure all individuals and businesses have access to klip and that there is no dependency on the use of physical cash in any segment across society.
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,” said AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation.
Emirates Digital Wallet is jointly owned by 15 founder banks, with a Board of 9 directors, representing the stakeholder banks. Emirates Digital Wallet LLC is sponsored by the UAE Bank’s Federation and the klip payment system is regulated by the Central Bank of UAE.
2. Abu Dhabi Islamic Bank (ADIB)
3. Al Hilal Bank
4. Al Masraf
5. Bank of Sharjah
6. Commercial Bank of Dubai (CBD)
7. Dubai Islamic Bank (DIB)
8. First Abu Dhabi Bank (FAB)
9. Invest Bank
10. Mashreq Bank
11. National Bank of Fujairah (NBF)
12. National Bank of Ras Al Khaimah (RAKBANK)
13. National Bank of Umm Al Qaiwain (NBQ)
14. Sharjah Islamic Bank (SIB)
15. United Arab Bank (UAB)