UAE Banks to Introduce Jaywan Payment Cards: A Game-Changer in the Financial Landscape

Hi expats! Good news: Banks and financial institutions in the United Arab Emirates (UAE) are gearing up to launch the Jaywan payment card in the second quarter of this year. The ambitious project, spearheaded by Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE, aims to revolutionize the country's financial landscape. The plan involves a phased rollout of Jaywan, with the issuance of debit cards slated to commence in Q2 2024.

Andrew McCormack, the Chief Operating Officer at AEP, revealed an aggressive growth plan for Jaywan in an official statement. "We have an aggressive growth plan for Jaywan, hoping to launch debit cards in Q2 2024 with select partners who are ready to issue. Over the next few years, the Central Bank of the UAE (will) mandate all banks to issue Jaywan as debit cards to their customers in the UAE," McCormack announced.


In 2023, the Central Bank of the UAE took a significant step by establishing Al Etihad Payments (AEP) as its wholly-owned subsidiary. The purpose of AEP is to develop and operate financial markets infrastructure for the UAE. The company has already initiated operations in all retail systems, including legacy systems previously managed by the Central Bank, such as the Wage Protection System and the UAE Switch.

A pivotal moment in the Jaywan journey occurred in October 2023 when AEP entered into a strategic partnership with NPCI International Payments Limited (NIPL) of India. This collaboration aimed to advance the development of the UAE's first national Domestic Card Scheme (DCS). The announcement came during Indian Prime Minister Narendra Modi's visit to the UAE, underscoring the significance of this cross-border collaboration.

Jaywan, owned and operated by AEP, utilizes licensed technology from India's payment operator NPCI. The initiative is part of a broader strategy to enhance financial inclusivity and provide cutting-edge payment solutions to UAE residents. As part of this scheme, banks and exchange houses will issue Jaywan cards to UAE residents who hold bank accounts or are banking with exchange houses.

According to Global Data, the UAE's cards and payment market is estimated to be nearly $120 billion (Dh440.4 billion) by the end of 2022. Analysts anticipate high single-digit growth in the coming years, making Jaywan a key player in the evolving financial landscape of the UAE.

The introduction of Jaywan payment cards marks a significant milestone in the UAE's financial evolution. With strategic partnerships, technological advancements, and a commitment to financial inclusivity, Jaywan is poised to redefine the way residents in the UAE engage with their finances. As the nation embraces this innovative payment solution, the collaboration between AEP and NPCI sets a precedent for international cooperation in the ever-evolving world of financial technology.

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