Dubai, United Arab Emirates: In its constant efforts to promote cashless economy, Emirates Digital Wallet adds RAKBANK to its nationwide cashless ecosystem, klip. Emirates Digital Wallet, spearheaded by the UAE Banks Federation, operates klip with an aim to reduce the use of physical cash and supports the UAE government's efforts to drive digital transformation.

Peter England, RAKBANK’s CEO, commented:

“The use of traditional payment methods that rely on cash are progressively becoming obsolete, especially during this past year where the pandemic has directly influenced people’s behavior when it comes to physical contact with cash. It is important to invest in and grow in line with the needs of people in the UAE by offering convenient and integrated payment solutions that allow the development of a cashless society. RAKBANK is committed to the early adoption of the latest technologies and focuses on staying ahead of the global banking trends. In this regard, we are very pleased to be working with Emirates Digital Wallet, to provide safe and seamless digital payments options to our customers.”

Aref Al Ramli, CEO Emirates Digital Wallet stated:

“We are fully committed towards achieving cashless economy and the new wave of banks joining the klip ecosystem is a testament of our efforts in the development and operations of state of the art nationwide cashless platform. Our strong growth in customers enrolling for klip and nationwide merchant acceptance with the help of our member banks uniquely position us to drive the conversion from physical cash to digital means thus empowering customers with an instant, safe and seamless mode of payment and more affordable acceptance option for merchants.”

“UAE economy has shown great resilience during Covid-19 and businesses have quickly responded to the unprecedented circumstances through the adoption of digital mode of payments. The change in user behavior will continue to evolve and we are expecting to see continuous growth in cashless payments.” – Aref concluded.                                                 

About RAKBANK          

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 27 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

For media enquiries, please contact:
RAKBANK
Fatima Kloub
Fatima.kloub@rakbank.ae 

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