UAE banks mandated to introduce Jaywan debit cards: Implementation to occur in phases
text_fields
Banks in the UAE will begin the rollout of Jaywan debit cards in stages, replacing over 10 million existing cards over the next two-and-a-half years. Abdulaziz Al Ghurair, chairman of the UAE Banks Federation (UBF), announced that this transition will start in the second quarter of this year.
The phased approach is to ensure a smooth transition for all customers, allowing banks to stop issuing other branded cards and start issuing Jaywan cards locally. Jaywan is expected to gain acceptance across the GCC and through international agreements with China, India and other countries.
In a recent meeting with Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) and local bank CEOs reviewed the implementation of digital financial services, including the UAE’s instant payment platform Aani and the Jaywan scheme.
The discussion also covered the rollout of the central bank digital currency, Digital Dirham and the Open Finance initiative, which enables consumers to share data across the financial ecosystem.
The introduction of Jaywan cards aims to enhance the UAE’s financial infrastructure and integrate the card into global commerce.