Deal signed to carry out smarter payment transactions in the UAE
Al Etihad Payments (AEP), a wholly owned subsidiary of the Central Bank of the UAE (CBUAE), which operates the UAE's national card switch (UAESWITCH) and manages domestic card scheme 'Jaywan', and Mastercard have announced a strategic collaboration to launch 'Jaywan - Mastercard' co-badged debit and prepaid cards in the UAE.
Jaywan-Mastercard debit and prepaid cards will enable cardholders to carry out secure, simpler, smarter and more accessible payment transactions, including e-commerce transactions, setting a new benchmark in the UAE's payment landscape by combining innovative products and value-added services.
In providing customers with access to such a wide range of domestic and international financial services through Mastercard and AEP's respective networks, this new collaboration will add unparalleled value and offer customers greater convenience, enhanced security and a more seamless payment experience. AEP and Mastercard will work closely together in cooperation with all market players to deliver flexible solutions that meet the evolving needs of the UAE's advanced payment ecosystem and boost user experience.
'We are pleased to announce our collaboration with Mastercard in our endeavour to pioneer the new generation of digital payments in the UAE. The introduction of the Jaywan-Mastercard debit and prepaid cards is a significant step towards realizing our vision of a more inclusive and innovative financial landscape. By leveraging advanced technology through such partnership, we aim to offer our citizens and residents more convenience, security, and access to a global network of financial services. This collaboration not only enhances the payment experience but also supports the UAE's broader economic growth and digital transformation goals.' said H.E Saif Humaid Aldhaheri, the CBUAE's Assistant Governor for Banking Operations and Support Services, Chairman of Al Etihad Payments.
'At Mastercard, we are committed to driving financial inclusion and providing digital solutions that help customers make seamless and secure transactions in the UAE and beyond. Our commitment to the UAE is embedded in our strategic engagements at federal and local levels. We are proud to collaborate with AEP to facilitate access to financial services and empower more people to reap the benefits of the digital economy,' said J.K. Khalil, Division President, East Arabia, Mastercard.
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