UAE to issue all debit cards with the new payment solution "Jaywan" soon

Asma Ahmed - | UAE

Banks and financial entities in the UAE are set to introduce the Jaywan payment card, with issuance slated to commence in the second quarter of this year.

This initiative, announced recently, is expected to be fully implemented within two years, as outlined by a senior official.

Andrew McCormack, Chief Operating Officer at Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE established in 2023, disclosed plans for Jaywan's rollout. AEP's mandate includes developing and managing financial market infrastructure in the UAE, covering retail systems previously overseen by the Central Bank, such as the Wage Protection System and the UAE Switch.

In a significant development, AEP partnered with NPCI International Payments Limited (NIPL) of India in October 2023 to advance the UAE's inaugural national Domestic Card Scheme (DCS). Jaywan, operated by AEP, was unveiled during Indian Prime Minister Narendra Modi's visit to the UAE and utilizes licensed technology from India's NPCI.

Under the Jaywan scheme, cards will be issued to UAE residents with bank accounts or affiliations with exchange houses. Plans include enabling Jaywan for use in India once electronic linkages are established. McCormack emphasized that Jaywan cards may be co-badged with Mastercard or Visa, facilitating global use, especially in regions like the UAE, GCC, and India.

Explaining the rationale behind Jaywan's introduction, McCormack underscored two primary objectives: bolstering economic resilience by establishing a sovereign payment scheme and enhancing cost management for payments, ultimately benefiting consumers and merchants. He highlighted the phased approach for transitioning to Jaywan, with new customers receiving Jaywan cards upon onboarding and existing cards being replaced upon expiry or renewal.

While credit card options under Jaywan are not currently available, McCormack assured that launch partners for the Jaywan card would be disclosed soon. He emphasized the necessity of a controlled domestic payment system for economic stability and underscored the time and investment required for such transformative projects.

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Asma Ahmed
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