This article has been reviewed by Wego’s editorial team to ensure that the content is up to date & accurate.

The United Arab Emirates is a captivating destination for both tourists and residents. It is a melting pot of culture and history infused with technological innovation. The UAE government consistently strives to ensure a seamless experience in the Emirates. To enhance the security and reliability of digital payments, a new debit and credit card has been introduced into the UAE’s financial market.

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Wego has summarized all that you need to know about UAE’s new digital payment card, Jaywan. Keep reading to learn more! 

What is Jaywan? 

Jaywan is a payment card that will soon be issued by financial institutions to citizens of the UAE with a bank account or to those who are banking with exchange houses. The card is the outcome of an agreement between Al Etihad Payments and NPCI International Payments Limited (NIPL) of India, signed in October 2023, to enhance the development of the UAE’s inaugural national Domestic Card Scheme.

This new payment card for the UAE was announced during Indian Prime Minister Narendra Modi’s visit to the UAE in February 2024

Jaywan adopts interfaces similar to that of RuPay, a digital payment system developed in India. The launch of Jaywan follows bilateral agreements between the two countries, including the integration of swift payments. Jaywan conducts international transactions in UAE dirhams, eliminating any foreign exchange costs and currency conversion obstacles common to RuPay international transactions, since RuPay operates in Indian rupees. 

It can be anticipated that Jaywan cards will be beneficial for everyone, especially for Indian expatriates residing in the UAE, as RuPay cards will now be accepted for transactions in the UAE, just as Jaywan cards can be used for transactions in India

One of the distinguishing features of Jaywan cards is their versatility. Co-badged with MasterCard or Visa, these cards can be used worldwide by UAE residents who travel a lot. Chief operating officer of Al Etihad Payments (AEP), Andrew McCormack, highlighted the strategic significance of this feature, noting its potential to increase accessibility across the UAE, GCC countries, and India. Partnerships with leading payment networks like Mastercard and Visa also ensure broader international reach for Jaywan cardholders.

What is the Domestic Card Scheme? 

The UAE Domestic Card Scheme is a crucial component of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which is anticipated to be finalized by the end of this year. This agreement is poised to create fresh avenues for trade and investment between these two nations, which share a longstanding and strategically significant partnership. 

The Jaywan card is a part of this Domestic Card Scheme. 

For more information on the UAE Domestic Card Scheme, please visit our dedicated article below:

UAE Domestic Card Scheme: A Guide to UAE’s First Unified and Secure Card Payment Platform

 

When will the Jaywan Domestic Card Scheme start? 

The Jaywan cards will be rolled out by the UAE banks in the second quarter of 2024. All customers banking with local financial institutions – banks and exchange houses – will have access to a Jaywan debit card.

It can be expected every eligible resident of UAE to have access to a Jaywan Debit Card within the next 2 years. 

Please note that we will update more information as and when released by the officials.

Which bank will roll out the Jaywan card in 2024?

As of now, Al Etihad Payments is currently negotiating only with local partners. However, as per Andrew McCormack, chief operating officer at Al Etihad Payments (AEP), in the upcoming years, all banks will be mandated by the Central Bank of UAE to issue Jaywan debit cards to their customers in the UAE. 

Please note that we will update more information as and when released by the officials.

Where can the Jaywan debit card be used? 

The Jaywan debit card can be used during any transactions where debit cards are accepted, including online and brick-and-mortar stores. 

 

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