Latest news with #JaywanCard
News18
26-05-2025
- Business
- News18
JP Morgan-backed ISG, Bank of Baroda UAE Launch Jaywan Cards In UAE
Last Updated: JP Morgan-backed ISG has partnered with Bank of Baroda UAE to launch Jaywan Cards, enhancing local payment solutions with lower costs. JP Morgan-backed fintech venture, In-Solutions Global (ISG), has partnered with Bank of Baroda UAE to launch Jaywan Cards in the UAE. The introduction of Jaywan Cards will significantly enhance merchant acceptance by offering lower costs and fees, improved transaction controls, and a fully digitised environment for payments and reporting. This creates a more efficient and attractive solution for the UAE's evolving payments ecosystem. The Jaywan Scheme operates under defined scheme guidelines, ensuring transactions comply with the highest security and regulatory standards. The Jaywan Card seeks to simplify financial transactions using the UAE's own card network. As the card service provider, ISG will ensure high acceptance rates across various merchant categories in the UAE, including retail, hospitality, and e-commerce. Jaywan Cards offer lower transaction costs and reduce reliance on foreign card networks by enabling optimized domestic payment processing. They also promote stronger financial inclusion by encouraging the shift from cash to digital payments. Additionally, the cards ensure enhanced security and full regulatory compliance under the framework set by the Central Bank of the UAE (CBUAE). Praveen Balusu, SVP – Product & Delivery at ISG, added: 'ISG is proud to be at the forefront of fintech innovation in the UAE. By enabling end-to-end Jaywan card issuance, we are helping regional banks and financial institutions adopt a fully localized payment system that is both efficient and scalable. In future, Jaywan's interoperability with RuPay also provides a seamless cross-border experience, making it a game-changer for businesses and consumers alike" ISG has been a trusted partner for major banks across the UAE and Saudi Arabia, providing industry-leading settlement and reconciliation services. The company's deep expertise in domestic payment processing ensures seamless Jaywan implementation, enabling banks like Bank of Baroda, UAE to offer innovative and cost-efficient solutions to their customers. First Published: May 26, 2025, 13:17 IST
Arabian Business
22-05-2025
- Business
- Arabian Business
Central Bank of the UAE
The collaboration establishes Botim, powered by PayBy, as the UAE's first fintech platform to enable Jaywan card issuance
Khaleej Times
22-05-2025
- Business
- Khaleej Times
Bank of Baroda UAE, ISG launch Jaywan Card to strengthen UAE's sovereign payment infrastructure
Bank of Baroda UAE has partnered with In-Solutions Global (ISG) to launch Jaywan Cards in the UAE, marking a significant step towards localising the country's digital payment landscape. The partnership was officially announced at Seamless Middle East 2025 and is aligned with the UAE's broader agenda of creating a more resilient, cost-effective, and inclusive financial ecosystem. Developed under the guidance of the Central Bank of the UAE (CBUAE), the Jaywan Card introduces a sovereign payment network designed to enhance local innovation, ensure regulatory compliance, and reduce dependency on international systems. The card supports contactless payments and offers multi-use functionality, catering to both personal and business needs. Its infrastructure is fully in sync with the UAE's Smart Payment Ecosystem, reflecting the nation's ambition to lead in fintech-driven financial solutions. The launch of Jaywan comes at a time when digital transactions in the UAE are witnessing unprecedented growth. According to data from Statista, the total value of digital transactions in the UAE is projected to reach $80.37 billion in 2025, with a compound annual growth rate (CAGR) of 13.8 per cent expected through 2029. This surge highlights the increasing demand for secure, efficient, and locally governed payment systems. Praveen Balusu, senior vice president of Product and Delivery at ISG, commented: 'ISG is proud to be at the forefront of fintech innovation in the UAE to enable end-to-end Jaywan card issuance. This initiative empowers regional banks to adopt a fully localised payment system that is secure, efficient, and future-ready. With Jaywan's planned interoperability with RuPay, we're laying the groundwork for a seamless cross-border transaction experience, making it a game-changer for businesses and consumers alike.' With a strong presence and domain expertise in the GCC, ISG has a proven track record of supporting banks in the UAE and Saudi Arabia with industry-leading settlement and reconciliation services. The company will now manage the personalisation and operational rollout of Jaywan Cards in partnership with Bank of Baroda UAE. As a card service provider, ISG is also tasked with ensuring widespread merchant acceptance across retail, hospitality, and e-commerce platforms, helping embed Jaywan across every layer of the payments value chain. Philip Glickman, managing director, International at ISG, added: 'This partnership underscores ISG's commitment to helping build a resilient and self-reliant payments infrastructure in the UAE. Jaywan represents a pivotal shift toward localisation and cost-efficiency, and we're proud to contribute to its success.' With the introduction of Jaywan, the UAE joins a growing number of nations investing in sovereign payment networks that prioritise economic independence and technological self-reliance. The initiative is expected to broaden financial inclusion, facilitate smoother digital transactions, and accelerate the country's shift toward a cashless economy.
