The UAE has unveiled Jaywan, its first national domestic payment card scheme, developed by Al Etihad Payments under the Central Bank of the UAE. This landmark initiative aims to revolutionize the nation’s payment infrastructure, reduce dependency on international networks, and position the UAE as a global leader in fintech innovation.
Launched with a focus on financial inclusion, cost efficiency, and digital transformation, Jaywan is set to reshape the financial landscape by providing accessible and secure payment solutions tailored to the needs of residents, businesses, and visitors.
Key Features Driving Jaywan’s Success
Localized Payment System: Jaywan serves as a domestic alternative to international payment cards, offering seamless transactions across sectors such as retail, hospitality, and e-commerce.
Cross-Border Integration: Developed in collaboration with India’s RuPay system, Jaywan enables direct transactions in UAE dirhams and Indian rupees, streamlining payments for the UAE’s 3.5 million Indian expatriates and tourists.
Enhanced Security: The locally governed system ensures data security and compliance with UAE regulations, providing users with safe and reliable transactions.
Wide Adoption: Partnerships with Emirates NBD and Network International have ensured Jaywan’s acceptance at over 60,000 merchants across the UAE.
Strategic Implications for the UAE Economy
Financial Inclusion:Jaywan supports the UAE’s vision of fostering financial inclusion by making digital payments accessible to all residents, including underserved communities without traditional banking access. This initiative strengthens the nation’s financial ecosystem while promoting equitable access to services.
Cost Efficiency:By reducing reliance on global payment networks, Jaywan significantly lowers transaction fees for both merchants and consumers. This cost-saving measure benefits small businesses and enhances the overall efficiency of the UAE’s payment system.
Cashless Economy Goals:Jaywan aligns with the UAE’s broader objective of transitioning to a cashless economy. By encouraging digital transactions, the initiative enhances transparency, reduces the risk of fraud, and improves data-driven economic planning.
Strengthening the UAE’s Global Fintech Position
Jaywan positions the UAE as a frontrunner in financial innovation by demonstrating its ability to develop and implement advanced payment solutions.
The collaboration with India’s RuPay system underscores the UAE’s strategic approach to strengthening bilateral economic ties and positioning itself as a financial and technological bridge between Asia, the Middle East, and other global markets. This cross-border functionality not only facilitates smoother trade and tourism but also boosts the UAE’s reputation as a hub for international financial services.
The initiative further solidifies the UAE’s competitive advantage in fintech, adding to its existing strengths as a global financial centre and a leader in digital transformation.
The Future of Jaywan
As Jaywan gains traction, its impact is expected to grow with the integration of advanced technologies such as blockchain and AI for enhanced efficiency, security, and scalability. The initiative serves as a blueprint for other nations looking to modernize their payment systems and reduce reliance on foreign networks.