Jaywan: UAE’s First Domestic Payment Card Set to Transform Transactions
The UAE is taking a significant step in revolutionizing its financial sector with the launch of Jaywan, the country’s first domestic payment card. As part of a broader initiative to strengthen the national financial infrastructure, this card aims to provide secure, seamless, and cost-effective payment solutions for individuals and businesses.
What is the Jaywan Card?
Jaywan is a mono-badge card designed for local usage within the UAE and the Gulf Cooperation Council (GCC) countries. Additionally, a co-badge version will be available in partnership with international payment networks such as Visa, Mastercard, Discover, and UnionPay for transactions outside the GCC region.
How Will Transactions Be Processed?
Domestic transactions within the UAE will be processed through UAESWITCH, ensuring a smooth and cost-effective payment experience.
Cross-border transactions outside the GCC region will be handled via Visa’s global payment network, VisaNet.
A Major Milestone for the UAE’s Financial Sector
The initiative is spearheaded by Al Etihad Payments, a subsidiary of the Central Bank of the UAE (CBUAE), which has confirmed that the financial infrastructure is ready for Jaywan’s rollout both locally and globally.
Saif Humaid Al Dhaheri, Chairman of Al Etihad Payments, emphasized the importance of Jaywan, stating that it is a key step toward strengthening the country’s financial ecosystem and supporting digital transformation.
“With around 30% of payments still made in cash, we are committed to expanding digital payment adoption and ensuring a more inclusive financial environment,” said Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at Visa.
Benefits of Jaywan for Consumers and Businesses
Lower Payment Costs: The introduction of Jaywan is expected to reduce transaction fees for individuals and businesses.
Enhanced Security: Being a UAE-backed payment card, Jaywan offers increased security and fraud protection for users.
Improved Financial Independence: The card aims to boost the UAE’s financial autonomy by reducing reliance on foreign payment networks.
Seamless Digital Transactions: Jaywan aligns with the UAE’s broader vision of a cashless economy, promoting digital payments across various sectors.
Final Thoughts
With the introduction of Jaywan, the UAE is making significant progress in its financial sector by enhancing digital payment solutions, reducing costs, and improving transaction security. As more consumers and businesses adopt this new payment method, it is expected to play a pivotal role in shaping the future of the UAE’s economy.
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