The new venture is to promote cashless transactions and boost online dealings
In order to reduce physical cash transaction system and to make virtual money system common amongst people in UAE, the Central Government of the United Arb Emirates has approved a Digital Wallet system called KLIP recently. The Klip platform is being tested at final level now before being floated in market.
Emirates Digital Wallet LLC, the consortium behind this move in support of UAE Banks Federation and Central Bank is aiming to extend the service of Klip to common man and business houses simultaneously. Once introduced, the society does not require any sort of physical cash in any sort of transaction in UAE. Let it be smallest grocery to luxurious race courses.
The Federation hopes to eliminate all unwanted elements in Cash and Fund Transaction segment and hope to clean up and streamline the transactions drastically by this method of payment.
Emirates Digital Wallet LLC got Nine Directors from the representatives of founding banks to operate the system and UAE Central Bank will be regulating the Klip System.
There are 15 Banks of UAE as the founding members;
1. Abu Dhabi Commercial Bank (ADCB)
2. Abu Dhabi Islamic Bank (ADIB)
3. Al Hilal Bank
4. Al Masraf
5. Bank of Sharjah
6. Commercial Bank of Dubai (CBD)
7. Dubai Islamic Bank (DIB)
8. First Abu Dhabi Bank (FAB)
9. Invest Bank
10. Mashreq Bank
11. National Bank of Fujairah (NBF)
12. National Bank of Ras Al Khaimah (RAKBANK)
13. National Bank of Umm Al Qaiwain (NBQ)
14. Sharjah Islamic Bank (SIB)
15. United Arab Bank (UAB)