When Was KLIP Announced ?
Klip is a cashless payment system of the United Arab Emirates. It is a digital cash platform that eliminates use of physical cash. Also it is a safe and secure mode of payment method as per the promoters Emirates Digital Wallet. It is regulated by UAE’s Central Bank.
The launch of Klip is announced in September 2020 by Emirates Digital Wallet and is tested multiple times with different aspects to make it fool-proof.
You don’t need to carry currency notes, coins or credit cards for making payments or even receiving payments. It is a safe mode of transaction system. Anything and almost everything can be purchased or availed through it by making payments. It is very efficient too. Most importantly it is secure too. One can save money or even transfer too.
UAE is racing towards digitization of all services in a very faster pace. This is a part of it. Converting paper money into digital system is one of the priority based objective of the country. Any one who is a “Customer” OR a “Supplier” can have Klip account for financial transactions. In other word, a fund giver and a fund taker can be a Klip Account holder. Another answer is ‘An Individual’ and “A Business House’ can have it. Two things are required to start Klip account. Firstly, One need to be a legal resident of UAE (He or She should have UAE Residency proof-Visa /EID etc.) Or a Legal Entity in the UAE – that is Businesses with valid Trade License related documents. Second thing needed is a SIM card. For Klip account, also there is no need of a Bank Account. Klip is a stand alone finance system.
Including Central Bank, it is a consortium of 16 Banks. The participating UAE Banks are:
- Abu Dhabi Ismalmic Bank
- Abu Dhabi Commercial Bank
- Al Hilal Bank
- Al Masraf
- Bank Of Sharjah
- Commercial Bank of Dubai
- Dubai Islamic Bank
- First Abu Dhabi Bank
- Invest Bank
- Mashreq Bank
- National Bank of Fujairah
- National Bank of Umm Al Quiwan
- RAK Bank
- Sharjah Islamic Bank
- United Arab Bank
And Also, The Central Bank of UAE