In a groundbreaking move, banks and financial institutions in the United Arab Emirates (UAE) are set to introduce a new payment card named Jaywan in a phased manner.
The announcement was made by Abdulaziz Al Ghurair, chairman of the UAE Banks Federation (UBF), during a media briefing on May 14 at the Mashreq Bank headquarters in Dubai.
According to a report by the Emirates News Agency (WAM), Al Ghurair outlined that Jaywan aims to gradually replace the existing 10 million-plus debit cards in the market within a span of two and a half years. This transition will be executed in stages, with banks issuing new cards to eventually eliminate the need for other branded cards, thereby facilitating local Jaywan card issuance.
The introduction of Jaywan is anticipated to yield significant cost savings for businesses, estimated between Dirham 600 million and Dirham 1 billion, through reduced pricing or discount fees. Moreover, Al Ghurair expressed confidence in Jaywan’s potential acceptance at the GCC level and emphasized the prospect of future country-to-country agreements with nations such as China and India.
Jaywan’s inception traces back to February, when it was announced during Indian Prime Minister Narendra Modi’s visit to the UAE. Both countries agreed to connect their instant payment platforms, UPI and AANI, aiming to enhance the acceptance of credit and debit RuPay cards in their respective territories.
As per a report by Khaleej Times, the rollout of Jaywan cards is slated to commence in the second quarter of the current year.
What exactly is Jaywan? Developed in collaboration with India’s RuPay digital credit and debit card infrastructure, Jaywan is tailored specifically for the UAE market. UAE residents and exchange house customers will be recipients of Jaywan cards under a new payment scheme, which will also extend its accessibility to India once electronic linkages are established.
The integration of Jaywan with the RuPay network offers a range of benefits, particularly for Indian expats. By reducing currency risks and facilitating transactions in local currencies, Jaywan enhances travel convenience and eliminates the need for carrying large amounts of cash or multiple cards.
The launch of Jaywan serves a dual purpose. Not only does it aim to boost trade between India and the UAE through digital transactions and financial inclusivity, but it also addresses the specific payment needs of Indian residents by offering affordable solutions tailored to their requirements.
