Over the past few years, digital payments have evolved tremendously especially the pandemic time have made consumers stick to digitalization rather than availing products or services through cash. These digital wallets are making transaction hassle-free and secure at the same time. To keep up with the trend, many popular banks are providing the access to avail digital wallets and perform transactions easily. Recently, in the UAE, Emirates Digital Wallet has launched Klip – Digital cash application.
Klip is managed by Emirates Digital Wallet and an initiative for digital transformation in the UAE as per the government’s objective. Users can make payments, transfer funds easily using the app. It is a fine replacement for cash. This is regulated by the Central Bank of UAE and collaborated with popular banks in UAE like ADCB, FAB, Mashreq Bank, ADIB, CBD, National Bank of Fujairah, DIB, Al Hilal Bank, Al Masraf, SIB, RAK Bank, Invest Bank, UAB, Bank of Sharjah, and NBQ. The aim of Emirates Digital Wallet behind the launch of Klip wallet is,
- Supporting the UAE government’s digital transformation society initiative
- Reduce cash circulation which would reduce fraudulent activities
- Better financial facilities for banked and unbanked customers in the UAE
Eligibility for Klip App
The eligibility for Klip wallet is simple. The users just need to have a smartphone with a UAE mobile number. The app users don’t need a bank account to avail the wallet.
How to use Klip without a bank account?
Having a bank account is not mandatory for Klip wallet. UAE residents without a bank account can register for the wallet by visiting Emirates Digital Wallet (EDW) location.
Visit EDW location to sign up for the wallet and add funds as per your choice. Once the digital wallet app provided at the EDW location is filled with funds, you can start making transactions at ease.
The Klip app will be available on the PlayStore or App store for unbanked customers in the fourth quarter of 2020.
Also, check: UPI payments in the UAE
How to use Klip wallet with a bank account?
UAE residents with the account at Klip partnered banks, are provided with an option for registration in their mobile applications itself. Even most of the non-partnered banks provide Klip digital wallet option.
- Visit your bank website and search for Klip wallet
- Download the wallet from App store or Play Store
- If you already have your bank mobile application then go to “Digital Payments” section and link your account to Klip
- Register using your mobile number
- An OTP will be sent to the registered mobile number. Enter the OTP
Once the account is linked to the klip wallet, the wallet holders can start transactions. The bank account is linked to the app so that the users can load the wallet and also send funds to the account from the wallet instantly.
Features of Klip wallet
The wallet is designed to promote a cashless society. The primary features of this app are,
- It is similar to having cash in the pocket
- Can transfer/ receive money with Klip account
- Can use the mobile number to transfer or receive funds
- Bank account not needed
- The amount transferred will be credited to the recipients Klip account instantly. Users without Klip account will receive a message to download the wallet to receive the amount.
- Can pay at in-purchase stores using mobile number or QR code
- Can use at online purchases
- No minimum amount to transfer
- A maximum amount of AED 10,000 is allowed per transaction
- A maximum of AED 25000 is allowed on the Klip account
- Can withdraw cash from Klip account at an ATM
- Can load funds through a bank account or by visiting nearby ATM of a partner bank
- Can transfer funds from the wallet to the bank account
Fees and Charges on Klip wallet
Klip wallet is provided for free. The fees and charges levied on account are as follows,
- There are no charges on opening the account on Klip.
- There are no fees and charges levied on transfers and payments made
- There are nominal charges levied on overseas transfer.
- There is a nominal fee charged on withdrawals made from the wallet at the ATM.
Currently, the app is live with four major financial institutions in the UAE, Mastercard, First Abu Dhabi Bank, National Bank of Fujairah and Mashreq Bank. In the fourth quarter of 2020, the authorities are planning to release the exclusive Klip app which can be availed by everyone, especially non-banking customers.