Cashless Future
UAE’s Digital Cash khaleej times | ADVERTISING SUPPLEMENT | WEDnesDAY, October 14, 2020
Mastercard
Say goodbye to cash!
Powering the drive towards digital transformation Mastercard serves as a single technology provider of choice that connects and enables superior digital experience and inclusion across the region. Mastercard is the official technology partner that powers klip, Emirates Digital Wallet’s digital cash platform. klip is designed to seamlessly enable digital payments between all consumers, merchants and businesses in the UAE. Any individual or business in the UAE will be able to use klip simply with a smartphone. This means easy and direct money transfers between friends and
loves ones. It also means merchants can accept service payments via mobile phones and POS terminals, which also makes this a perfect and cost-effective solution for small and medium businesses (SMEs). The secure platform aims to eradicate the use of physical cash, helping the UAE transition to a truly cashless society that positively impacts communities. klip is powered by Mastercard’s Digital Wallet Ecosystem. The ecosystem provides a unique end-toend payment infrastructure, applications and value-added services, helping realise a cashless future by delivering digital payments interoperability between people, businesses and governments. It will ultimately create opportunities for the UAE’s 1.3 million unbanked residents by providing a platform for them to become part of the financial system, and drive inclusion
National Bank of Fujairah introduces the NBF klip mobile app for convenient transactions.
for SMEs who represent the majority of registered companies in the nation and beyond. Through this partnership, Mastercard aims to solidify its position as a trusted advisor and partner of choice to governments across the region and demonstrating how it is creating value and driving efficiencies at a national level. It is a tangible example of the value Mastercard can bring to governments across the globe to help them achieve their vision and drive digital transformation. It is also an extension of its multi-rail strategy as it works towards building a future in which digital payments can move at an increased velocity, ultimately en-
abling governments, businesses and consumers with the ability to pay securely and in real-time. This, in turn, benefits economies and spurs innovation at an exponential rate, creating a dynamic fast-paced ecosystem that works for the entities and people who live in it. In an evolving digital financial ecosystem, Mastercard is the single technology provider of choice connecting governments, businesses and non-traditional financial players to their consumers by providing technology solutions, platforms and propositions that enable a superior digital experience and drive greater inclusion for people across the UAE and wider region.
Cash is no longer king RAKBANK seamlessly adopts klip for cashless lifestyle among residents.
Frederic de Melker Managing Director Personal Banking RAKBANK
RAKBANK is thrilled to play a vital role in the cashless initiative driven by the Emirates Digital Wallet, which is also referred to as klip. Cash is no longer king and that is evident. When we look around us, we see how the old-fashioned way of payment with notes and coins has evolved into tapping and ‘apping’. klip embodies the features to meet the next generation of cus-
tomer payment needs. That is why RAKBANK, as a pioneer in payment solutions, is proud to be one of the early adopters amongst banks in the country. klip is paving the way for cashless spending, remittance and storage of money for everyone living and working in the UAE. It provides a highly convenient, safe and efficient way of making payments without using physical cash. RAKBANK is consistently taking part in unique nationwide initiatives that promote a cashless society, such as klip. This unique digital wallet enables any klip app user to effortlessly complete daily banking
needs through the app in a few simple clicks. Merchants and vendors can record transactions and manage their proceeds. It removes the hassles of cash management and the risks of using physical cash. klip focuses on the unbanked population in the UAE as well. That fits well with RAKBANK’s corporate social responsibility initiative around financial inclusion. klip works without a bank account and supports electronic payments for those who are not having access to the banking system. All you need to be is a UAE resident with a local SIM card, and you are up and running.
■■ Vince Cook klip — the UAE’s Digital Cash, operated and managed by Emirates Digital Wallet (EDW), is the only domestic digital payment scheme aimed to make the UAE cashless. This is in line with the various UAE government initiatives to drive digital transformation in the UAE. The robust, secure and interoperable digital cash platform aims at eradicating the use of physical cash and help the UAE transition into a truly cashless society by providing a digital equivalent for physical cash. At National Bank of Fujairah (NBF), we always strive to improve our offerings to strengthen our customers’ experience. An example of this is our enrolment in klip — the nationwide multi-bank initiative that provides instant purchase and person-to-person payments via a mobile app. We are proud to play a leading role in the digitisation of the country’s banking services and its wider economy and are honoured to be one of the launch partners in this significant milestone.
The rollout of klip during this current pandemic will help to further accelerate the use of digital solutions in place of cash and open a wealth of related services for both banked and unbanked UAE residents. In recent months, we have seen an increased use of all our digital channels, and klip will now provide a further enhancement in our offerings with its efficient, easy-to-register, costeffective, and most importantly, secure and safe platform for cashless payments. The features klip offers are now accessible through the NBF klip mobile app. klip can be used to purchase goods or services, to send and receive money, and to store money on your smartphone anytime, anywhere as required. As a bank, we recognise that there is a rapid shift towards a cashless society. On that, we are working towards meeting customer requirements and improving the experience. In the background, we are also working tirelessly to enhance our alternative channels in order to provide a greater number of digital payment options and enhancing our security systems in an effort to mitigate evolving risks. Just recently, we partnered up with Ministry of Finance (MOF) to launch the e-Dirham payment scheme, which allows customers to pay for governmental fees and services using online banking. Covid-19 has accelerated the transition to a cashless world, and it becomes imperative for banks to step in to provide new, safe and seamless payment channels. Vince Cook is the Chief Executive Officer at National Bank of Fujairah.