DUBAI 5 October 2017: Emirates Digital Wallet – a platform established by 16 of UAE’s banks – has announced an app that will help to replace physical cash in the pockets of UAE residents.
‘Klip’ has been market tested across a wide cross section of UAE society over a period of months and has gained strong levels of acceptance among banked and un-banked respondents alike, said a statement.
Klip paves the way for cashless spending, transfer and storage of money for everyone living and working in the UAE. It brings together best practice from a wide variety of payment systems around the world.
Klip will enable those who do not have bank accounts to benefit from greater security of digital cash over physical cash, but with more benefits.
Maki Vekinis, General Manager of Emirates Digital Wallet, says: “Quite apart from the greater security that removing cash from the economy brings to everyone, it will also put the UAE head and shoulders above any others in terms of the sheer ambition and determination to do so. This is not a new payments solution. It is a movement to create a cashless society where everyone wins – consumers at all levels, small and large businesses, banks, as well as the government.”
The Chairman of UAE Banks Federation, Abdulaziz Al Ghurair, said, “The launch of Emirates Digital Wallet is a continuation of the on-going tradition of banking innovation, and has the potential to introduce a society-wide cash transformation to digital. It will provide a strong boost to the UAE’s effort to build an inclusive digital payments ecosystem that will benefit all stakeholders including consumers, businesses and banks, and set the path for the country’s transition to a cashless future”.
Klip will be demonstrated at the upcoming Gitex conference and exhibition, at the Emirates Digital Wallet stand. Visitors will be able to try the app out on smartphones in typical scenarios such as food shopping, taxi rides, and payment of utilities. In addition, shop owners will be able to experience how klip enables them to receive payment instantly and to pay for new stock from suppliers.
A new website has been launched which provides an audio and visual step by step demonstration of what klip will do to enhance the lives of residents in the UAE, as well as shops and other businesses.