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UAE: New payment solution to be implemented for all debit cards

UAE: New payment solution to be implemented for all debit cards

UAE: New payment solution to be implemented for all debit cards

UAE: New payment solution to be implemented for all debit cards

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  • Banks and financial institutions in the UAE will begin issuing the payment card, Jaywan, from Q2 2024.
  • Jaywan will be usable in India once all electronic linkages are established.
  • Global Data estimates the UAE’s cards and payment market to be nearly $120 billion by the end of 2022.
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The news source revealed that banks and financial institutions in the UAE will begin issuing the payment card called Jaywan in the second quarter of this year. A senior official disclosed that they will complete the process to roll out the recently announced scheme within two years.

“We have an aggressive growth plan for Jaywan, hoping to launch debit cards in Q2 2024 with select partners who are ready to issue. Over the next few years, the Central Bank of the UAE (will) mandate all banks to issue Jaywan as debit cards to their customers in the UAE,” Andrew McCormack, chief operating officer at Al Etihad Payments (AEP), told the news.

In 2023, the Central Bank of the UAE established Al Etihad Payments (AEP) as its wholly-owned subsidiary to develop and operate financial markets infrastructure for the UAE. The company initiated operations in all retail systems, including legacy ones previously managed by the Central Bank, such as the Wage Protection System and the UAE Switch.

The Central Bank of the UAE:

In October 2023, AEP and NPCI International Payments Limited (NIPL) of India entered into a partnership to advance the development of the UAE’s first national Domestic Card Scheme (DCS).

During Indian Prime Minister Narendra Modi’s visit to the UAE, AEP announced Jaywan, owned and operated by AEP, which utilizes licensed technology from India’s payment operator NPCI.

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As part of this new payment scheme and strategy, banks and exchange houses will issue Jaywan cards to UAE residents who have bank accounts or are banking with exchange houses.

Global Data estimated the UAE’s cards and payment market to be nearly $120 billion (Dh440.4 billion) by the end of 2022, with an expectation for high single-digit growth in the coming years.

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