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Phased Rollout: UAE Banks Set to Launch Jaywan Debit Cards: UBF Chief

Jaywan cards will be co-badged with Mastercard or Visa, enabling extensive global use

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Pavitra Shetty

Published on May 16, 2024, 14:52:04

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uae, debit cards, mastercard, payment, banks, gcc, finance

 

 All UAE banks will gradually replace over 10 million existing debit cards with Jaywan debit cards over the next two and a half years.

Abdulaziz Al Ghurair, chairman of the UAE Banks Federation (UBF), confirmed that the rollout will be completed in stages to ensure a smooth transition.

"Replacing these cards will take time, but banks have committed to launching Jaywan cards and will stop issuing other branded cards, focusing on Jaywan locally," said Al Ghurair during a media briefing.

Andrew McCormack, chief operating officer at Al Etihad Payments (AEP), stated: "We have an aggressive growth plan for Jaywan, to start issuing debit cards in Q2 2024. The Central Bank of the UAE will mandate all banks to issue Jaywan debit cards to their customers."

Jaywan cards will be co-badged with Mastercard or Visa, enabling extensive global use.

"The Jaywan card will have two badges to accommodate the large segment of UAE residents who travel extensively, extending its reach beyond the UAE, GCC, and India with the help of co-badge partners Mastercard and Visa," McCormack explained.

In the future, Jaywan is expected to be accepted at the GCC level and through country-to-country agreements with nations like China and India.

The card was created by Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE, to enhance the country's financial market infrastructure.

In October 2023, AEP partnered with NPCI International Payments Limited (NIPL) of India to develop the UAE’s first national Domestic Card Scheme (DCS).

Jaywan, announced during Indian Prime Minister Narendra Modi's visit to the UAE, uses licensed technology from India's payment operator NPCI.

The card will be issued to UAE residents with bank accounts or those banking with exchange houses and will be usable in India once electronic linkages are established.

According to Global Data, the UAE’s cards and payment market was estimated to be nearly $120 billion (Dh440.4 billion) by the end of 2022, with expectations of high single-digit growth in the coming years.

Jaywan's relationship extends into India and GCC countries, enhancing its domestic and international utility without solely relying on Mastercard or Visa systems.

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