Trio of UAE banks go live with klip digital wallet solution
First Abu Dhabi Bank, Mashreq Bank, and National Bank of Fujairah are live with the klip digital wallet solution.
Klip launches in cooperation with Mastercard and developer Emirates Digital Wallet. The new solution allows users to transfer money via their mobile phone.
Klip enables customers to pay for goods, and for merchants to accept payments, through the scanning of a QR code.
According to klip, it is the only interoperable solution between merchants and consumers in the UAE.
“Consumers are demanding digital options across a multitude of industries and that includes banking, payments and purchases,” says First Abu Dhabi Bank deputy group CEO Hana Al Rostamani.
“The introduction of klip for customers and merchants across the country will drive the cashless objective of the UAE and will help in bolstering the UAE’s financial ecosystem.”
Data from Dubai Economy reports that 71% of UAE residents prefer using digital or cashless methods of payment. Of that number, 54% use contactless cards and 46% use mobile wallets.
“We are delighted to be launching the new digital cash platform, klip, with our three pioneer partners,” says Mohammed Al Jayyash, chairman of Emirates Digital Wallet.
“Eliminating physical cash will result in huge savings for businesses and allow smaller businesses to flourish.”
Al Jayyash says that more banks are in the testing phase for the solution. The klip website lists 15 partners involved in the project.
Klip plans the launch of a branded mobile app in Q4 2020. The app will be open to UAE residents and tourists.
“As a national Bbank, we are proud to play a leading role in the digitisation of the country’s banking services and its wider economy,” says Vince Cook, CEO of National Bank of Fujairah.
“The rollout of klip at this time will help further accelerate the use of digital solutions […] for the unbanked.”