Following discussions between the UAE Central Bank and UAE national banks, a project was initiated in 2014 under the auspices of the UAE Banks Federation to identify a methodology to reduce the volume of cash transactions the UAE economy.
The UAE Banks Federation hosted a working group from 2014-2016 to identify how this objective might be achieved, out of which emerged the Emirates Digital Wallet. EDW is owned by 15 national banks and manages and operates klip, an app which provides access to a platform created to allow payments to be made digitally within the UAE regardless of whether the user has a bank account or not.
klip paves the way for cashless spending, remittance and storage of money for anyone holding a SIM card and resident in the UAE. It combines best payments practice from around the world with locally sourced innovation to provide a unique solution tuned to the specific needs and characteristics of the UAE.
The UAE Central Bank published rules governing stored value and digital payments in January 2017 and EDW operates in compliance with these regulations.
The aims of EDW are to:
Enhance financial inclusion by providing all UAE residents with or without a bank account with the means to make digital payments and store money through their mobile devices
Eliminate a significant proportion of cash circulated in the economy within the next 5 years
Tangibly support the government’s digital transformation strategy for the UAE economy
The stakeholders of EDW are FAB, ADCB, ADIB, Mashreq Bank, DIB, CBD, RAK Bank, Al Hilal Bank, SIB, Al Masraf, Bank of Sharjah, Invest Bank, UAB, NBF, and NBQ