Mashreq: Weaving in a seamless experience

Filed on October 14, 2020 | Last updated on October 15, 2020 at 03.26 pm
Kartik Taneja, Executive Vice President, Head of Payments, Mashreq

Through klip, Mashreq ensures convenient access to finance with eliminated risk of fraud.

The launch of the digital cash platform by Emirates Digital Wallet, klip, comes at a significant time, when UAE customers are prioritising safety and security during Covid-19, by choosing contactless and cashless payment transactions to meet their daily needs.

klip will enable mobile users to seamlessly pay for goods in-store across the country, as well as to transfer money to other users easily. Unlike other digital wallets, klip is the only payments system backed by leading financial institutions including several leading banks, Emirates Digital Wallet LLC and Mastercard within the country, hence enabling klip to be interoperable across various bank customers.

Mashreq was one of the founding members that proposed the idea of introducing a nationwide digital wallet initiative. And as one of the major stakeholders behind klip, Mashreq significantly contributed to the initiative's overall strategy, product proposition, solution design and implementation.

Currently, Mashreq is piloting the initiative with First Abu Dhabi Bank (FAB) and National Bank of Fujairah (NBF), and other member banks are in various stages of deployment and will go live soon. Based on the feedback received from the users during the pilot, Mashreq and other member banks will keep on improving the klip in order to provide a seamless, secure and enjoyable transaction experience to the customers.

Kartik Taneja, Executive Vice President, Head of Payments, Mashreq, said: "Our primary objective through Klip is to provide a payment platform that is interoperable, secure and seamless - and is also aligned with the ultimate goals of the country - including transitioning to a cashless society, as well as enhancing financial inclusion. We are therefore thrilled to collaborate on this platform, which will be of great benefit to both the banked and unbanked population in the UAE. Additionally, the platform will also reduce the need for actual cash, eliminating the risk of fraud."

How klip will benefit users
The technology infrastructure behind the platform ensures that customers can make instant payments around the clock, at several merchants throughout the country. Users of klip do not need to remember their IBAN or bank account number; as payments to other consumers and merchants can be completed simply through a mobile number.

This makes it very convenient to initiate a payment, and users only need to refer to their phone address book. The initiative is a win-win for merchants too, who can pay significantly less for the service compared to other payment platforms, as well as enabling them to receive cash instantly in their wallet - in contrast to waiting a few days to access their funds.

Taneja added: "klip is a reflection of Mashreq's strong belief in the power of collaborative partnerships to strengthen and empower the country's financial sector. Going forward, it is critical that the entire industry invests less in the physical security of cash and handling - and continues to move towards a cashless economy. Today, we continue to see customers increasingly adopt digital payments, and plan to launch similar initiatives to this in the near future."

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