Emirates Digital Wallet LLC (EDW), which owns and operates klip, the UAE’s digital cash platform, has entered its final round of testing, the media reported.
The initiative is jointly set up by 15 of the UAE’s leading national banks. Its objective is to limit the use of cash in the economy and at the same time drive digital transformation across the UAE.
In this regard, Mohammed Al Jayyash, Chairman of Emirates Digital Wallet LLC, told the media, “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.
The klip app allows its users to pay for any goods and services across the UAE. The merchants that the users are dealing with should have a point of sale system issued by partner banks.
To make financial transaction through the app, the user does not need have a bank account. Reportedly, anyone with an Emirates ID can send or receive money to a mobile wallet on their phone, and users can also link credit or debit cards to it.