Introduction
Banks and financial institutions in the UAE are gearing up to introduce a groundbreaking payment card known as Jaywan, set to transform the payment landscape in the region. The initiative is expected to kick off in the second quarter of this year, with a completion timeline of two years.
Collaboration and Rollout Plan
Andrew McCormack, the Chief Operating Officer at Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE, shared insights into the ambitious rollout plan for Jaywan. The plan includes issuing debit cards in collaboration with select partners starting in Q2 2024.
Innovative Payment Solution
Jaywan, operated by AEP, was introduced during the visit of Indian Prime Minister Narendra Modi to the UAE. Leveraging technology from India’s NPCI, Jaywan aims to revolutionize payment solutions in the region, offering convenience and accessibility to UAE residents for financial transactions.
Strategic Significance and Future Outlook
With plans for interoperability in India and partnerships with major payment networks like Mastercard and Visa, Jaywan cards are designed for global acceptance. The introduction of Jaywan cards aligns with the UAE’s objectives of enhancing economic sovereignty and optimizing payment processing costs, paving the way for a more inclusive and efficient financial ecosystem.
