16 UAE banks set up digital platform
Sixteen banks in the United Arab Emirates are collaborating to create digital platform designed to facilitate cashless payments. The platform, Emirates Digital Wallet, has just been launched. The banks participating in the project include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank and RAKBANK. Described as a ‘klip’ app, it is intended for cashless spending, as well as for the transfer and storage of money for all UAE residents, including those that do not currently have bank accounts. A spokesperson, however, said the full-fledged use of Digital Wallet would be possible in the first quarter of 2018. The app is expected to provide a strong boost to the UAE’s effort to build an inclusive digital payments ecosystem. The banks have worked with Electronic Documents Center, a joint venture between Emirates Post Group and Abba Electronics and with Mastercard to deliver the service.