16 UAE banks set up dig­i­tal plat­form

Banking Frontiers - - Banking In The Gulf -

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.

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