Introducing Jaywan: The UAE’s New Payments Card System

The UAE is set to revolutionize its payment landscape with the introduction of the Jaywan card system. By the end of August, Jaywan will have cleared two major milestones, paving the way for banks to start issuing the card to clients by the end of the third quarter. This initiative is expected to gain significant momentum during the fourth quarter, transforming how transactions are conducted across the country.

What is Jaywan?

Jaywan is a new payment card system developed by Al Etihad Payments, a subsidiary of the Central Bank of the UAE. It is designed to provide a seamless and efficient payment solution for residents and businesses in the UAE. The card will function similarly to existing debit cards, allowing users to make purchases, withdraw cash, and perform other financial transactions with ease.

Key Milestones

By the end of August, Jaywan will have achieved two critical milestones:

1. Point-of-Sale Terminal Readiness: Over 90% of Point-of-Sale (POS) terminals in the UAE will be ready to accept Jaywan cards. This ensures that users can make payments at a wide range of retail outlets and service providers.
2. ATM Integration: Approximately 95% of ATMs in the UAE will be equipped to process Jaywan card transactions. This extensive integration guarantees that users can access their funds conveniently from almost any ATM in the country.

Rollout Timeline

• End of Third Quarter: Banks will begin issuing Jaywan cards to their clients. This initial phase will focus on ensuring a smooth transition and addressing any potential issues that may arise.
• Fourth Quarter: The rollout will pick up serious pace, with more banks and financial institutions joining the initiative. Major campaigns and promotions tied to the Jaywan scheme will be launched, encouraging widespread adoption.

Benefits of Jaywan

1. Cost-Effective: Jaywan aims to lower the end-to-end cost of card processing in the UAE, making it a cost-effective solution for both consumers and businesses.
2. Enhanced Security: The card system is built with advanced security features to protect users’ financial information and prevent fraud.
3. E-commerce Compatibility: Jaywan will soon support e-commerce transactions, allowing users to shop online with ease.
4. Global Acceptance: While initially focused on the UAE, Jaywan cards will eventually be recognized across the GCC and India, with plans for wider international acceptance through bilateral agreements.

How to Get Your Jaywan Card

To obtain a Jaywan card, clients can contact their banks once the cards are available. Banks will provide detailed instructions on how to apply for and activate the card. Additionally, local exchange houses will offer pre-paid Jaywan cards, providing more options for users.

Conclusion

The introduction of the Jaywan card system marks a significant step forward in the UAE’s financial sector. With its extensive integration and user-friendly features, Jaywan is poised to become a key player in the country’s payment ecosystem. Stay tuned for more updates as the rollout progresses, and get ready to experience the convenience and efficiency of Jaywan.