Al Etihad Payments and Visa announce 'Jaywan- Visa' co-badging partnership in the UAE
Dubai, UAE: Al Etihad Payments, a whole owned subsidiary of the Central Bank of the UAE (CBUAE), which operates the UAE's of the national card switch (UAESWITCH) and the UAE's domestic card scheme 'Jaywan', and Visa, today announced their agreement to jointly introduce 'Jaywan- Visa' debit and prepaid cards in the UAE.
This co-badging partnership strengthens the continuous joint efforts to support the UAE authorities' ambition of accelerating the transition towards a digital economy. Al Etihad Payments and Visa will work closely with local financial institutions, fintech and merchant partners to issue to their customers co-badged cards carrying a set of benefits and value-added services that meet the market needs.
With both Jaywan and Visa logos on the cards, customers will be able to pay securely in the UAE and at Visa's more than 150 million merchant partners across 200 countries and territories while traveling abroad or shopping online. Under this agreement, domestic transactions 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".
H.E Saif Humaid Al Dhaheri, the CBUAE's Assistant Governor for Banking Operations and Support Services, Chairman of Al Etihad Payments said: "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."
Dr. Saeeda Jaffar, Visa's Senior Vice President and Group Country Manager for the GCC, said: 'Visa's partnership with Al Etihad Payments, a subsidiary of Central Bank of the UAE, underscores our support of the government's vision to accelerate digital transformation and establish the UAE as a leader in innovation and economic growth. 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.'
The UAE has been at the forefront of digital transformation, and significant opportunities remain to further this progress through industry-wide collaboration. This agreement reaffirms Visa's commitment to providing the security, reliability, and innovation to be enjoyed by Visa-Jaywan cardholders and merchants in the UAE and globally.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @VisaCEMEA.
Media Contact
Anna Shulga
Corporate Communications, GCC, Visa
ashulga@visa.com
About Al Etihad Payments
Al Etihad Payments (AEP), as the national payments entity in the UAE, plays a crucial role in developing and operating the best in-class national payments infrastructure. Driven by a mission to support the government's vision of a society less reliant on cash and national digitization, AEP strategically positions itself to provide innovative and interoperable payment solutions, enable financial institutions to enhance customer experience, and fortify a robust, efficient, and secure financial market infrastructure for the UAE.
For more information, please visit Al Etihad Payments website: https://aep.ae
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