It allows money transfers and the ability to open accounts instantly

In video ... the Emirates digital wallet ... free for individuals and fees for merchants

The digital wallet is regulated by the Central Bank.

Photography: Eric Arazas

Bank officials revealed that the UAE digital wallet will provide its services for free to individual customers, and with fees for merchants, through the digital klip platform.

They explained to "Emirates Today" that the wallet would be an alternative to banknotes, and allow money transfers and the possibility of opening immediate accounts for the country's residents.

They pointed out that the launch phase is limited to the participation of banks: “Al-Mashreq”, “First Abu Dhabi” and “National Fujairah”, so that the remaining 12 national banks will gradually join when the final trials phase are completed.

The digital wallet will be owned by 15 founding banks, with a board of directors consisting of nine directors representing the relevant banks, and will be sponsored by the Federation of Banks, as well as subject to regulation by the Central Bank.

Banknotes

A senior official in the Emirates Digital Wallet Company, who preferred not to be named, said that the importance of the digital wallet that provides services through the digital klip platform lies in the fact that it contributes to the strengthening and prosperity of the UAE's economy, by reducing the use of traditional banknotes. This will be reflected positively by reducing the risks and burdens resulting from conventional money circulation.

He added that the digital wallet is used to make purchases and payments at all merchants participating in the digital klip platform, and the amounts can also be transferred between individuals participating in the platform, through the participating banks, which are three in the launch stage, and will gradually increase until the participation of all participating national banks.

He explained that the launch phase is limited to Mashreq Bank, First Abu Dhabi Bank and National Bank of Fujairah, and then the remaining 12 national banks will gradually join when they finish the final trials phase.

The official affirmed that the digital wallet will be available free of charge to all users, and with fees for merchants only, pointing out that the functions and capabilities of the wallet available to users through the platform will gradually increase, until it becomes complete during 2021.

Digital transformation

For his part, the global head of retail banking at Abu Dhabi Islamic Bank, Philip King, said that the bank is preparing to launch the digital wallet service in the next few months, believing in the need to encourage customers to use digital payments, instead of paper money, and within the framework of its policy in support of government initiatives Aimed at promoting digital transformation, as the wallet allows money to be spent, transferred or saved digitally.

He added, "This project aims to reduce fraud and the risks involved in using paper money. It also provides a mechanism for opening instant accounts for all residents of the country, allowing them to make payments and transfer money via phones and mobile devices."

King affirmed the bank’s commitment to providing the latest solutions and advanced technologies that enhance the customer experience, provide them with the greatest possible ease, and fit their renewed lifestyle.

Merging process

In the same context, Ramana Kumar, Senior Vice President and Head of Payments and Digital Banking Services Division, Retail Banking Division at First Abu Dhabi Bank, said that the bank provides comprehensive payment solutions to its customers through its existing Payit wallet.

He added, "We have fully integrated the Emirates digital wallet with the bank’s wallet, so customers can use the Emirates digital wallet, and benefit from other wallet benefits at the same time."

Kumar affirmed that the bank is currently seeking to direct its awareness and promotional campaigns towards the transition to the UAE digital wallet, explaining that the wallet will include payment solutions to the solutions currently in the Payit wallet, by providing payment services between individuals and merchants, in addition to the bill payment feature.

The wallet reduces fraud and the risk of using fiat money.

The founding banks of the digital wallet

1. Abu Dhabi Commercial Bank.

2. Abu Dhabi Islamic Bank.

3. Al Hilal Bank.

4. The bank.

5. Bank of Sharjah.

6. Commercial Bank of Dubai.

7. Dubai Islamic Bank.

8. First Abu Dhabi Bank.

9. Investment bank.

10. Mashreq Bank.

11. National Bank of Fujairah.

12. Ras Al-Khaimah National Bank.

13. Umm Al Quwain National Bank.

14. Sharjah Islamic Bank.

15. United Arab Bank.

Al Ghurair: Creating a more robust and efficient financial system

Last week, the UAE digital wallet announced its first major steps to limit the use of traditional banknotes, as it is ready to launch the klip platform at the state level this week.

The initiative, which was prepared with the participation of 15 national banks, aims to promote digital transformation in the country, under the auspices and support of the Emirates Banking Association.

The wallet will work, in deliberate steps, to ensure that individuals and companies are directed to use the klip platform instead of banknotes across various sectors.

The Chairman of the Board of Directors of the Federation of Emirates Banks, Abdulaziz Al-Ghurair, said that the UAE banking sector has made tangible progress in the digital field, as it adopted the best digital technologies to create a more robust and effective financial system, which supports the UAE vision that aims to empower society at all levels.

He added: “The launch of the klip platform is a significant achievement in our journey towards digital transformation, as we seek to reduce cash circulation in the country, and thus reduce the risks and costs associated with it,” expressing his confidence that the initiative will boost the economy and add real value to companies and consumers. Equally, across the country.

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