Jaywan-Visa partnership: How will these debit, prepaid cards benefit customers
Image credit: Wam
UAE's domestic card scheme Jaywan and Visa have announced their agreement to jointly introduce 'Jaywan-Visa' debit and prepaid cards in the UAE today.
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Both Al Etihad Payments and Visa will be working with financial institutions, fintech companies, and merchant partners to issue the co-badged cards to their customers. These cards will offer a variety of benefits and value-added services to meet market needs, a
'Jaywan is a key step toward strengthening the UAE's financial infrastructure, offering a locally rooted payment solution that supports economic growth and digital transformation. Under this partnership between Al Etihad Payments and Visa, we are creating a seamless, secure, and efficient card payment ecosystem that aligns with the UAE's vision for innovation and financial empowerment,' Saif Humaid Al Dhaheri, the CBUAE's Assistant Governor for Banking Operations and Support Services and Chairman of Al Etihad Payments, said reflecting on the partnership.
Partnership benefits:
What
s in it for the customers
The partnership will benefit customers in a variety of ways. With both the Jaywan and Visa logos on the cards, customers will be able to make secure payments not only in the UAE but also with over 150 million merchant partners of Visa. They can do so across 200 countries and territories while travelling abroad or shopping online.
Under this agreement, the domestic transactions of customers will be processed through the national card switch, UAESWITCH, while cross-border transactions outside the GCC area will be processed through Visa's global network, VisaNet.
'With around 30% of payments still made with cash, we look forward to implementing this agreement and continuing our collaboration with industry partners to extend the benefits of digital payments to more consumers and businesses, as well as the wider UAE economy,' Dr. Saeeda Jaffar, Visa's Senior Vice President and Group Country Manager for the GCC, said. Dr. Jaffar also reiterated that the UAE has always been at the forefront of digital transformation, and significant opportunities remain to further this progress through industry-wide collaboration.
The partnership between Visa and Jaywan reaffirms Visa's commitment to providing security, reliability, and innovation for Visa-Jaywan cardholders and merchants in the UAE and globally.
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