Jaywan payment card to be issued in the UAE
India-based domestic payment card – Jaywan – is all set for UAE launch. The banking and financial institutions of the UAE will start issuing Jaywan in April 2024 and complete the process within two years, as reported by Khaleej Times.
The Al Etihad Payments (AEP) presents an aggressive growth plan for Jaywan and envisions mandating all banks to issue Jaywan as debit cards to their customers in the UAE. AEP is a subsidiary of the Central Bank of the UAE, developing and operating financial market infrastructure within the UAE. AEP's strategic partnership with NPCI International Payments Limited (NIPL) of India, signed in October 2023, aims to advance the development of the UAE’s first national Domestic Card Scheme (DCS).
The Jaywan Card, a domestic card built on India’s digital RuPay credit and debit card infrastructure, is the product of a groundbreaking collaboration. The joint initiative was launched by the UAE President Sheikh Mohamed Bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi during the World Government Summit in Dubai. The contract assures a significant milestone in bolstering fintech cooperation between the two nations. The launch ceremony witnessed the leaders overseeing a transaction made using the Jaywan Card, symbolizing the practical implementation of this landmark collaboration.
Under this new payment scheme, Jaywan cards are slated to be issued to UAE residents with bank accounts or those banking with exchange houses. Jaywan will also be usable in India once electronic linkages are established. With the UAE's cards and payment market estimated at nearly $120 billion (Dh440.4 billion) by the end of 2022, Jaywan's introduction is expected to fuel further growth in the sector.
As the Jaywan card prepares for its launch, further details regarding launch partners and its expanded reach into India and GCC countries are expected to be revealed soon, marking a significant leap forward in the region's fintech landscape.