People across the country can watch it live on December 2 on local TV channels, cinemas and selected public areas
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(Editor’s note: A previous version of this report quoted Indian financial experts. It has now been updated with comments from Al Etihad Payments, a federal UAE platform for processing digital payments.)
The UAE’s new payment card Jaywan was recently announced during the Indian Prime Minister Narendra Modi’s visit to the UAE.
The new payment solution comes in the wake of an agreement signed between Al Etihad Payments and NPCI International Payments Limited (NIPL) of India in October to advance the development of the UAE’s first national Domestic Card Scheme.
As part of this scheme, the Jaywan card will be rolled out in the UAE. Khaleej Times spoke to Andrew McCormack, chief operating officer at Al Etihad Payments, to know about new cards for the local market.
When will Jaywan's card be rolled out?
Banks will start rolling out Jaywan debit cards in the second quarter of 2024.
Will all UAE residents get Jaywan cards?
Yes. All customers banking with local financial institutions – banks and exchange houses – will get Jaywan debit cards.
Will all customers have Jaywan cards?
Yes. All UAE residents will have Jaywan debit cards in two years.
Which banks will roll out the Jaywan card first?
Al Etihad Payments is currently negotiating with local partners and details will be announced in due course.
What happens if the existing debit card expires?
In case of the expiry of existing debit cards issued by local financial institutions, banks will issue Jaywan debit cards to their customers.
Will there be co-badged cards?
Yes. Mono-badged cards will be issued for the domestic market while co-badged cards in partnership with Mastercard and Visa will be issued to meet travellers’ needs for foreign markets.
Will there be a Jaywan credit card also?
Currently, Al Etihad Payments is focused on debit cards.
What is the purpose of launching the Jaywan card?
The first objective is to have a national sovereign payment scheme which is important to the economic health and ability to process transactions faster. It’ll also give control over the payment system. In addition, taking control of payment over time allows Al Etihad Payments to manage the cost of payments as well. And this will ultimately benefit consumers and merchants.
Where can Jaywan's debit card be used?
It can be used in all transactions where other debit cards are used, including online and brick-and-mortar stores.
What is the role of Al Etihad Payments?
Established in 2023, AEP will develop and operate financial markets infrastructure for the UAE. The company operates all retail systems including legacy systems that the Central Bank used to run, such as the Wage Protection System and the UAE Switch. Now all transactions and systems are managed and operated by AEP. New instant payment system Aani is also managed by AEP.
What is the role of NIPL?
NIPL was commissioned for this initiative following a comprehensive selection process that gauged the capacity of its solution to meet the needs of consumers and merchants, in addition to its ability to build an integrated financial infrastructure. NIPL will operate the DCS and provide fraud monitoring and data analysis support.
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