klip, Emirates Digital Wallet’s Digital Cash Platform, Now Live with First Abu Dhabi Bank, Mashreq Bank and National Bank of Fujairah
Open to any individual or business in the UAE, klip enables digital payments, simple transfers and acceptance via mobile phones and POS
Emirates Digital Wallet LLC, along with First Abu Dhabi Bank, Mashreq Bank, National Bank of Fujairah and Mastercard today announced the launch of klip, Emirates Digital Wallet’s Digital Cash Platform.
klip offers a simple way for users to transfer money to others via a mobile number and allows users to seamlessly pay for goods in-store using the existing merchant reach offered by its partner banks. klip further enables small businesses to start accepting digital payments via mobile phones, meaning more businesses can tap into the digital economy without the need for a traditional point of sale terminal. klip is the only interoperable solution designed to seamlessly provide digital payments between all consumers and merchants in the UAE.
The robust, secure and interoperable Digital Cash Platform aims at eradicating the use of physical cash and help UAE transition into a truly cashless society by providing a digital equivalent for physical cash that is tuned with the lifestyle of its users.
Hana Al Rostamani, Deputy Group CEO and Head of Personal Banking at FAB, said: “Consumers are demanding digital options across a multitude of industries and that very much includes banking, payments and purchases. The introduction of klip for customers and merchants across the country is one that greatly enhances the payments solutions sector and bolsters the UAE’s financial ecosystem. We welcome other banks across the UAE to implement klip across their platforms in the future to support this initiative.
Subroto Som, Senior Executive Vice President – Group Head of Retail Banking Group, Mashreq Bank said, “With a legacy of innovation lasting more than half a century, Mashreq has repeatedly shown its commitment to embracing technology that improves the customer experience. Our support for klip underlines our fundamental belief in the Government’s vision of establishing the UAE as a digital leader and we are excited to be able to bring this unique digital wallet to our customers.
Vince Cook, CEO of National Bank of Fujairah added, “As a National Bank, we are proud to play a leading role in the digitization of the country’s banking services and its wider economy and are honored to be one of the launch partners in this significant milestone. The rollout of klip at this time will help further accelerate the use of digital solutions in place of cash and open a wealth of related services for the unbanked. In recent months we have seen increasing take up of all our digital channels and klip provides a further enhancement in our offerings with its efficient, cost-effective, and most importantly, secure and safe platform for cashless payments."
“Growing the domestic payment ecosystem is crucial for the development of a robust digital economy that positively impacts communities. We are proud that Mastercard in its role as a trusted partner and technology provider can harness our expertise as we join hands with partners across the UAE to help drive inclusion and support the UAE’s vision of a connected, digital future,” said Khalid Elgibali, Division President – Middle East and North Africa, Mastercard.
In addition to the launch partners, more banks are in the testing phase and will soon be offering klip to their customers. A klip-branded mobile app will also be released in the fourth quarter of 2020 to allow people across the UAE to benefit, regardless of whether they have a bank account.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+ / A-2 by Standard & Poor’s, both with a negative outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 (of which 1 is an electronic banking service unit) across the UAE.