Mastercard: Powering the drive towards digital transformation

Filed on October 14, 2020 | Last updated on October 15, 2020 at 03.15 pm

Mastercard serves as a single technology provider of choice that connects and enables superior digital experience and inclusion across the region.

Mastercard is the official technology partner that powers klip, Emirates Digital Wallet's digital cash platform. klip is designed to enable seamless digital payments between all consumers, merchants and businesses in the UAE.

Any individual or business in the UAE will be able to use klip simply with a smartphone. This means easy and direct money transfers between friends and loves ones. It also means merchants can accept service payments via mobile phones and POS terminals, which also makes this a perfect and cost-effective solution for small and medium businesses (SMEs).

The secure platform aims to eradicate the use of physical cash, helping the UAE transition to a truly cashless society that positively impacts communities.

klip is powered by Mastercard's Digital Wallet Ecosystem. The ecosystem provides a unique end-to-end payment infrastructure, applications and value-added services, helping realise a cashless future by delivering digital payments interoperability between people, businesses and governments. It will ultimately create opportunities for the UAE's 1.3 million unbanked residents by providing a platform for them to become part of the financial system, and drive inclusion for SMEs who represent the majority of registered companies in the nation and beyond.

Through this partnership, Mastercard aims to solidify its position as a trusted advisor and partner of choice to governments across the region and demonstrating how it is creating value and driving efficiencies at a national level. It is a tangible example of the value Mastercard can bring to governments across the globe to help them achieve their vision and drive digital transformation.

It is also an extension of its multi-rail strategy as it works towards building a future in which digital payments can move at an increased velocity, ultimately enabling governments, businesses and consumers with the ability to pay securely and in real-time. This, in turn, benefits economies and spurs innovation at an exponential rate, creating a dynamic fast-paced ecosystem that works for the entities and people who live in it.

In an evolving digital financial ecosystem, Mastercard is the single technology provider of choice connecting governments, businesses and non-traditional financial players to their consumers by providing technology solutions, platforms and propositions that enable a superior digital experience and drive greater inclusion for people across the UAE and wider region.

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