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A prediction on how mobile wallet users in the United Arab Emirates will develop states that klip - launched only in late 2020 - will have overtaken other apps by 2025. This expectation comes from klip being part of a joint nationwide initiative to replace physical cash with digital payments, and was rolled out by several financial institutions at the same time - including the UAE Banks Federation, the Central Bank and several national banks. The app's developer, Emirates Digital Wallet or EDW, mentions that klip works with QR codes and is meant to take over any instance where physical cash is being used. Indeed, the EDW mentioned that klip is "the only interoperable solution between merchants and consumers in the UAE". Whilst the United Arab Emirates did not register the highest unbanked population in the world in 2021, roughly **** out 10 consumers in the consumer did not have access to financial services in 2021.