Digital cash platform to transform UAE’s financial landscape

Abu Dhabi / WAM

Emirates Digital Wallet LLC on Wednesday announced 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.
Sponsored and supported by the UAE Banks Federation 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. In this transition, the company is taking careful steps to ensure all individuals and businesses have access to klip and that there is no dependency on the use of physical cash in any segment across society.
Mohammed Al Jayyash, Chairman of Emirates Digital Wallet LLC, 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.”
“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 continued.
AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, said, “Technology is constantly evolving and changing, increasing operational efficiencies for businesses while improving the day-to-day lives of consumers. 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. The imminent launch of klip is the next significant milestone in our digital transformation journey, as we seek to reduce the circulation of cash in the UAE economy therefore removing the inherent risks and costs associated with it.”
We are confident that this pioneering initiative will not only further strengthen the economy, but also add real value to businesses and consumers across the country.”