Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has confirmed the readiness of the financial infrastructure for Jaywan, the UAE’s domestic card scheme, for local and international use.
The scheme is intended to offer a secure and efficient payment solution while lowering transaction costs by providing a local alternative.
It will also accelerate local payment processing through the UAESWITCH system, support economic growth, encourage innovation in payments, promote e-commerce, and enhance financial inclusion.
Jaywan cards will be available in multiple variants, including debit, prepaid, and credit cards, and will be compatible with online transactions, ATM withdrawals, and point-of-sale (POS) terminals.
Licensed financial institutions will provide two types of Jaywan cards: a mono-badge card, usable within the UAE, the Gulf Cooperation Council (GCC) countries, and selected international markets, and a co-badge card in partnership with international payment schemes for broader global acceptance.
AEP has signed agreements with payment networks including Discover (US), Mastercard (US), Visa (US), and UnionPay (China) to expand Jaywan’s international usability.
Additionally, AEP has signed a MoU with Samsung Gulf Electronics to integrate Jaywan into Samsung Wallet, with plans for Google Pay and Apple Pay integration in the next phase.
By mid-2025, bilateral agreements with India and other countries are expected to further extend Jaywan’s reach.
An awareness campaign is scheduled for April 2025 to inform consumers and businesses about the card’s features and benefits, including its role in reducing payment costs and enhancing transaction security.
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE and Chairman of AEP, stated:
“Jaywan is one of the key initiatives that aligns with the UAE’s wise vision and strategic aspirations for digital payments by localising card payment operations and enhancing the competitiveness of electronic payments.”
Jan Pilbauer, CEO of AEP, added:
“We have worked closely with all industry stakeholders to build a brand-new national card scheme. Our plans for the next phase include offering Jaywan cards to all customers in the UAE, having considered their needs and expectations, further empowering users with great control, convenience and benefits domestically.”
Featured image credit: edited from Al Etihad Payments=
