The United Arab Emirates (UAE) has taken a significant step in its digital transformation journey with the launch of its first domestic card scheme, “Jaywan.” Announced by Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), Jaywan aims to revolutionize the nation’s payment ecosystem by offering secure, efficient, and cost-effective payment solutions. This initiative aligns with the UAE’s ambition to establish itself as a global hub for digital payments.
A Milestone in UAE’s Financial Infrastructure
Jaywan is a landmark achievement for the UAE, marking the creation of a national card scheme designed specifically for the country’s needs. “Jaywan,” which means “precious pearl” in Emirati culture, symbolizes value and innovation. The scheme is part of CBUAE’s Financial Infrastructure Transformation (FIT) program, which seeks to modernize payment systems and promote financial inclusion.
The infrastructure for Jaywan is now fully operational and ready to support both local and international transactions. This development follows extensive partnerships with global payment networks like Visa, Mastercard, Discover, and UnionPay, ensuring that Jaywan cards can be used worldwide.
Features and Benefits of Jaywan Cards
Jaywan Card offers a wide range of features tailored to meet the diverse needs of consumers and businesses:
- Multiple Card Types: Jaywan cards will be available as debit, prepaid, and credit cards.
- Versatile Usage: These cards can be used across all payment channels, including ATMs, Point-of-Sale (POS) terminals, and e-commerce platforms.
- Customizable Options: Customers can choose between mono-badge cards for local and GCC usage or co-badge cards that combine Jaywan with international payment networks for global transactions.
- Tiered Offerings: The cards will come in basic and premium tiers, offering tailored benefits such as purchase protection, merchant discounts, and international remittance perks.
By providing these options, Jaywan Card aims to cater to all segments of society while reducing reliance on cash transactions.
Advancing Digital Payments in the UAE
The launch of Jaywan is expected to drive significant changes in the UAE’s payment landscape. Key objectives include:
- Lower Transaction Costs: By offering a domestic alternative to international card schemes, Jaywan will reduce fees associated with cross-border transactions.
- Enhanced Efficiency: The scheme leverages UAESWITCH technology to accelerate local payment processes.
- Support for E-Commerce: With its focus on digital payments, Jaywan will stimulate growth in online transactions and promote financial inclusion.
- Economic Growth: By fostering innovation in payments, Jaywan aligns with the UAE’s broader economic diversification goals.
Nandan Mer, Group CEO of Network International—a key partner in activating Jaywan—described the initiative as “a vital step toward digitalizing the UAE economy.”
Phased Rollout Strategy
The implementation of Jaywan will occur in phases to ensure seamless integration into the financial ecosystem. Initially, acquirer acceptance is being prioritized to enable widespread use across merchants. Network International has already introduced Jaywan to over 60,000 merchants in the UAE. E-commerce acceptance is expected to follow later this year.
Banks and financial institutions are also preparing to issue Jaywan cards to their customers. According to Andrew McCormack, COO of Al Etihad Payments, all banks in the UAE will eventually be mandated to issue Jaywan debit cards.
Global Partnerships for Wider Reach
To ensure global usability, AEP has partnered with leading international payment networks. These collaborations will allow UAE residents to use their Jaywan cards abroad while enjoying competitive transaction fees and enhanced security features.
Jan Pilbauer, CEO of Al Etihad Payments, emphasized that these partnerships are crucial for positioning Jaywan as a globally recognized payment solution.
Promoting Financial Inclusion
Jaywan is not just about convenience; it also aims to bridge gaps in financial accessibility. The scheme is designed to serve all demographics, including those who rely on exchange houses for salary disbursements. By integrating features like discounts on remittances and purchase protections, Jaywan ensures that it meets the needs of both individuals and businesses.
A Step Toward Cashless Society
The introduction of Jaywan reflects the UAE’s commitment to building a cashless economy. By encouraging card-based transactions across various sectors, the scheme reduces dependence on physical currency while enhancing transparency and security.
Jamal Al Nassai, Group Managing Director for Merchant Services at Network International, highlighted that this initiative would cultivate “a robust digital payments ecosystem” in the UAE.
The launch of Jaywan marks a pivotal moment in the UAE’s journey toward digital transformation. By combining advanced technology with customer-centric features, this domestic card scheme promises to enhance financial inclusion, reduce transaction costs, and boost economic growth. As it rolls out across the nation and beyond, Jaywan is set to redefine how residents and businesses interact with digital payments.
