UAE Unveils Jaywan, the First Domestic Card Scheme for Digital Payments
Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has announced the launch readiness of Jaywan, the UAE's first domestic card scheme.
This initiative aligns with the UAE's digital transformation strategy, aiming to bolster the country's position as a global hub for digital payments.
Jaywan is designed to provide secure, efficient, and innovative payment solutions for both consumers and businesses. The scheme is expected to lower transaction costs by offering a local alternative, accelerate payment processes through the UAESWITCH system, and promote financial inclusion. The cards will be available in various types, including debit, pre-paid, and credit, supporting online transactions, ATM withdrawals, and point-of-sale (POS) payments.
AEP has partnered with international payment networks such as Discover, Mastercard, Visa, and UnionPay to enable global usability of Jaywan cards. Additionally, a Memorandum of Understanding (MoU) with Samsung Gulf Electronics will integrate Jaywan cards into the Samsung Wallet. Future plans include expanding compatibility with Google Pay and Apple Pay and establishing bilateral agreements with India and other countries by mid-2025.
Saif Humaid Al Dhaheri, CBUAE's Assistant Governor for Banking Operations and Support Services and Chairman of AEP, highlighted Jaywan's role in advancing digital payments and reducing transaction costs. Jan Pilbauer, CEO of AEP, emphasized the scheme's potential to empower users with greater control and convenience while supporting the UAE's economic ambitions.
An awareness campaign will launch in April 2025 to educate the public on Jaywan's features, benefits, and contribution to a secure, seamless payment experience. Jaywan represents a significant step in the UAE's journey towards a future-ready financial ecosystem.
News Source: Emirates News Agency
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