New Payment Method Will Soon be Launched to All Debit Cards in the UAE

  • Publish date: Monday، 19 February 2024
New Payment Method Will Soon be Launched to All Debit Cards in the UAE

Banks and financial institutions across the UAE are gearing up to introduce a new payment card called Jaywan starting in the second quarter of this year. The initiative, slated to be completed within two years, aims to offer customers a locally-owned payment solution for domestic transactions. Andrew McCormack, the Chief Operating Officer at Al Etihad Payments (AEP), confirmed the aggressive rollout plan, revealing that select partners are set to issue debit cards by Q2 2024.

Aggressive Growth Plan for Jaywan

McCormack highlighted AEP's proactive strategy, intending to launch Jaywan debit cards in collaboration with willing partners in the upcoming quarter. Over the subsequent years, the Central Bank of the UAE will mandate all banks to issue Jaywan cards, ushering in a new era of domestic payment solutions across the Emirates.

National Sovereignty and Economic Control

Explaining the rationale behind Jaywan's introduction, McCormack emphasized the significance of national payment schemes for economic sovereignty and transaction efficiency. By establishing a locally-controlled payment infrastructure, the UAE aims to streamline transaction processes, benefiting both consumers and merchants in the long run.

New Payment Method Will Soon be Launched to All Debit Cards in the UAE

Transition to Jaywan Cards

As part of the transition, banks will phase out existing cards, replacing them with Jaywan debit cards for domestic transactions or co-badged cards for international usage. McCormack assured that Jaywan's reach extends to India and GCC countries, ensuring seamless transactions across borders.

Looking Ahead

While credit cards under Jaywan are not currently in the pipeline, launch partners for the initiative will be disclosed shortly. The move underscores the UAE's commitment to enhancing its financial ecosystem, bolstering economic resilience, and ensuring efficient payment mechanisms for its residents and businesses.

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