KHALEEJ TIMES, Thursday, Sep 3, 2020 | Muharram 15, 1442
Emirates Digital Wallet to 'Klip' cash usage
Emirates:
Emirates Digital
Wallet announced on 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.
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."
Sponsored and supported by
the UAE Banks Federation (UBF) and the Central Bank of UAE, Emirates Digital
Wallet is working towards enabling all individuals and businesses in the UAE to
move away from the use of physical cash.
AbdulAziz Al Ghurair,
chairman of the UBF, said: "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."