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.
WEDnesDAY, October 14, 2020 | ADVERTISING SUPPLEMENT | khaleej times
khaleej times | ADVERTISING SUPPLEMENT | WEDnesDAY, October 14, 2020
Cashless Future: UAE’s Digital Cash
Weaving in a seamless experience Through klip, Mashreq ensures convenient access to finance with eliminated risk of fraud. The launch of the digital cash platform by Emirates Digital Wallet, klip, comes at a significant time, when UAE customers are prioritising safety and security during Covid-19, by choosing contactless and cashless payment transactions to meet their daily needs. klip will enable mobile users to seamlessly pay for goods in-store across the country, as well as to transfer money to other users easily. Unlike other digital wallets, klip is the only payments system backed by leading financial institutions including several leading banks, Emirates Digital Wallet LLC and Mastercard within the country, hence enabling klip to be interoperable across various bank customers. Mashreq was one of the founding members that proposed the idea of introducing a nationwide digital wallet initiative. And as one of the major stakeholders behind klip, Mashreq significantly contributed to the initiative’s overall strategy, product proposition, solution design and implementation. Currently, Mashreq is piloting the initiative with First Abu Dhabi Bank (FAB) and National Bank of Fujairah (NBF), and other
Kartik Taneja Executive Vice President Head of Payments Mashreq Bank member banks are in various stages of deployment and will go live soon. Based on the feedback received from the users during the pilot, Mashreq and other member banks will keep on improving the klip in order to provide a seamless, secure and enjoyable transaction experience to the customers. Kartik Taneja, Executive Vice President, Head of Payments, Mashreq Bank, said: “Our primary objective through Klip is to provide a payment platform that is interoperable, secure and seamless — and is also aligned with the ultimate goals of the country — including transitioning to a cashless society, as well as enhancing financial inclusion. We are therefore thrilled to collaborate on this platform, which will be of great benefit to both the banked and unbanked population in the UAE. Additionally, the platform will also reduce the need for actual cash, eliminating the risk of fraud.” How klip will benefit users The technology infrastructure behind the platform ensures that customers can make instant payments around the clock, at sev-
eral merchants throughout the country. Users of klip do not need to remember their IBAN or bank account number; as payments to other consumers and merchants can be completed simply through a mobile number. This makes it very convenient to initiate a payment, and users only need to refer to their phone address book. The initiative is a win-win for merchants too, who can pay significantly less for the service compared to other payment platforms, as well as enabling them to receive cash instantly in their wallet — in contrast to waiting a few days to access their funds. Taneja added: “klip is a reflection of Mashreq’s strong belief in the power of collaborative partnerships to strengthen and empower the country’s financial sector. Going forward, it is critical that the entire industry invests less in the physical security of cash and handling — and continues to move towards a cashless economy. Today, we continue to see customers increasingly adopt digital payments, and plan to launch similar initiatives to this in the near future.”
Mashreq was one of the founding members that proposed the idea of introducing a nationwide digital wallet initiative. And as one of the major stakeholders behind klip, Mashreq significantly contributed to the initiative’s overall strategy, product proposition, solution design and implementation.
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Introducing UAE's Digital Cash on RAKBANK Digital Banking App
www.rakbank.ae/klip
Conditions apply
WEDnesDAY, October 14, 2020 | ADVERTISING SUPPLEMENT | khaleej times