“All UAE banks must launch Jaywan debit card”: Phased rollout – News

The new payment system was announced during Indian Prime Minister Narendra Modi's visit to the UAE earlier this year

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Posted by: Tuesday, May 14, 2024 1:33 pm

Last updated: Tuesday, May 14, 2024 4:35 pm

Banks in the UAE will roll out Jaywan debit cards in a phased manner, a senior official said.

However, the 10 million financial cards currently on the market will be gradually replaced over the next two and a half years.

“Banks must introduce Jaywan cards. We have over 10 million cards in circulation, so replacing these cards will take time… We have agreed to do it in a phased manner over two and a half years so that banks stop issuing other branded cards and they must issue them locally Jaywan Card. Federation (UBF) Chairman Ghurair said at a media briefing on Tuesday.

“We have aggressive growth plans for Jaywan and hope to launch a debit card in the second quarter of 2024 with select partners ready for issuance. Andrew McCormack, chief operating officer of Al Etihad Payments (AEP), told Khaleej Times earlier “In the coming years, the Central Bank of the UAE will require all banks to issue Jaywan as debit cards to UAE customers,” said the bank.

McCormack said Jaywan can be used in conjunction with MasterCard or Visa. “There will be two badges on it because a large portion of the people in the UAE travel a lot, which will enable them to use it around the world. So the coverage of the Jaywan card is UAE, GCC and India. Apart from that, we It will rely on joint badge partners Mastercard and Visa to expand its reach to other parts of the world.

“We expect Jaywan to gain acceptance at the GCC level in the future and then sign state-to-state agreements with China, India and other countries,” Ghurair said.

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