Emirates Digital Wallet has 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.
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. In this transition, Emirates Digital Wallet LLC 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.
Mohammed Al Jayyash, Chairman of Emirates Digital Wallet, 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,” Al Jayyash added.
H.E. AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, said, “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.”
Emirates Digital Wallet LLC 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. The founder banks are:
- Abu Dhabi Commercial Bank (ADCB)
- Abu Dhabi Islamic Bank ADIB)
- Al Hilal Bank
- Al Masraf
- Bank of Sharjah
- Commercial Bank of Dubai (CBD)
- Dubai Islamic Bank (DIB)
- First Abu Dhabi Bank (FAB)
- Invest Bank
- Mashreq Bank
- National Bank of Fujairah (NBF)
- National Bank of Ras Al Khaimah (RAKBANK)
- National Bank of Umm Al Qaiwain (NBQ)
- Sharjah Islamic Bank (SIB)
- United Arab Bank (UAB)