The UAE is ushering in a new era for debit cards with the rollout of the Jaywan card, a domestic debit card scheme developed for residents.
This initiative, spearheaded by the Central Bank of the UAE (CBUAE), aims to streamline transactions, enhance security, and foster a more robust national payments infrastructure.
“Banks have to launch Jaywan card. We have more than 10 million cards in circulation so replacing these cards will take time…,” said Abdulaziz Al Ghurair, chairman of UAE Banks Federation (UBF) in a media briefing on Tuesday. He added that they agreed to complete it in stages over two and half years. This is so that banks can stop issuing other branded cards and be able to issue Jaywan cards locally.
Enhanced Security and Functionality
The Jaywan card is built on RuPay, a secure and widely used debit card platform from India. This technology offers robust security features to safeguard user information and financial transactions. Additionally, Jaywan cards are expected to be co-badged with international payment networks like Mastercard or Visa, allowing for global usability.
Benefits for Residents and Businesses
“We expect Jaywan will be accepted in the future at the GCC level and then country-to-country agreements with China, India and other countries,” said Al Ghurair.
The Jaywan card offers several advantages for both residents and businesses. Residents can expect faster transaction processing times and potentially lower fees compared to traditional debit cards. Businesses, on the other hand, can benefit from a more efficient and secure payment infrastructure, streamlining their operations and potentially reducing processing costs.
A Catalyst for a Cashless Society
The introduction of the Jaywan card is a significant step towards a cashless society in the UAE. By promoting secure and convenient electronic transactions, the Jaywan card can encourage residents to move away from cash-based payments.
A Sign of a Thriving Financial Landscape
The Jaywan card initiative reflects the UAE’s commitment to innovation and fostering a robust financial ecosystem. This domestically developed solution signifies the country’s growing prominence in the regional financial landscape.
The rollout of the Jaywan card marks a significant milestone for the UAE’s financial sector. With its focus on security, convenience, and domestic innovation, the Jaywan card paves the way for a more streamlined and efficient payment experience for residents and businesses alike.
In March, Khaled Mohamed Balama, the Governor of the Central Bank of the UAE (CBUAE), convened a meeting with the CEOs of local banks to review the advancement of wide-ranging digitally-driven financial service transformation initiatives.
These initiatives encompass the UAE’s instant payment platform, Aani, and the nation’s inaugural domestic card scheme, Jaywan.
Discussions also centered on progress regarding the domestic and global deployment of the central bank digital currency program, ‘Digital Dirham,’ and forthcoming steps in the Open Finance initiative aimed at facilitating data sharing among consumers across the financial landscape.