RAKBANK: Cash is no longer king

Filed on October 14, 2020 | Last updated on October 15, 2020 at 03.21 pm
Frederic de Melker, Managing Director - Personal Banking, RAKBANK

RAKBANK seamlessly adopts klip for cashless lifestyle among residents.

RAKBANK is thrilled to play a vital role in the cashless initiative driven by the Emirates Digital Wallet, which is also referred to as klip. Cash is no longer king and that is evident. When we look around us, we see how the old-fashioned way of payment with notes and coins has evolved into tapping and 'apping'. klip embodies the features to meet the next generation of customer payment needs. That is why RAKBANK, as a pioneer in payment solutions, is proud to be one of the early adopters amongst banks in the country.

klip is paving the way for cashless spending, remittance and storage of money for everyone living and working in the UAE. It provides a highly convenient, safe and efficient way of making payments without using physical cash.

RAKBANK is consistently taking part in unique nationwide initiatives that promote a cashless society, such as klip. This unique digital wallet enables any klip app user to effortlessly complete daily banking needs through the app in a few simple clicks. Merchants and vendors can record transactions and manage their proceeds. It removes the hassles of cash management and the risks of using physical cash.

klip focuses on the unbanked population in the UAE as well. That fits well with RAKBANK's corporate social responsibility initiative around financial inclusion. klip works without a bank account and supports electronic payments for those who are not having access to the banking system. All you need to be is a UAE resident with a local SIM card, and you are up and running.

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