The Klip digital cash platform could soon be rolled out across the country after entering its final round of testing in June, its owner Emirates Digital Wallet said.
This nationwide initiative was set up by 15 UAE banks with the support of the UAE Banks Federation and the Central Bank of the UAE following the issue of new rules governing stored value and electronic payment systems. However, no official timeline for a potential launch was given.
“Introducing a countrywide digital cash platform is a complex operation … extensive development, refinement and testing … [have] led us in delivering the capability of replacing physical cash with a digital equivalent,” Mohammed Al Jayyash, chairman of Emirates Digital Wallet, said.
“As we enter this final round of testing, we become one step closer to our society having no dependency on physical cash,” he added.
The Klip app can be used to pay for any goods and services at merchants that have a point of sale system issued by partner banks. It does not require users to have a bank account – anyone with an Emirates ID can send or receive money to a mobile wallet on their phone, and users can also link credit or debit cards to it.
“The UAE banking industry has already made tremendous progress in this regard, adopting digital technologies to create a more robust, efficient financial ecosystem,” Abdulaziz Al Ghurair, UBF chairman, said.
The launch of Klip is the next “significant milestone in our digital transformation journey, as we seek to reduce the circulation of cash in the UAE”, removing the inherent risks and costs associated with it, Mr Al Ghurair said.
The mobile wallet market is booming in the UAE with global giants such as Google Pay, Samsung Pay and Apple Pay having already made significant inroads alongside local players like Etisalat Wallet and Beam Wallet. Chinese payments services like WeChat Pay and Alipay are also becoming more widely accepted.
Mobile wallet payments are predicted to grow at a compound annual rate of 24 per cent to $2.3 billion (Dh8.4bn) by 2022, according to TechSci Research.
Emirates Digital Wallet’s founder banks include Abu Dhabi Commercial Bank, Abu Dhabi Islamic 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 Ras Al Khaimah, National Bank of Umm Al Qaiwain, Sharjah Islamic Bank and United Arab Bank.
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About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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