Jaywan is the national domestic card programme of the UAE. It is based on the agreement between Al Etihad Payments, a subsidiary of the UAE Central Bank, and NPCI India. The Jaywan card system will contribute to building of the UAE's national payment infrastructure and reducing the country's dependence on international payment systems.
The benefits of Jaywan include loyalty and rewards programmes, seamless domestic payments in the UAE and reduced fees for interbank transfers.
The Chairman of the UAE Banks Federation (UBF) clarified that the transition to Jaywan will be split into several phases. As there are now 10 million debit cards in the market, the banks need time to replace the existing cards.
The new Jaywan cards will be issued to all customers with bank accounts in local banks and money exchange centers. The existing debit cards will be replaced with Jaywan cards upon their expiration.
At the current stage, ATMs and POS have been connected to the new system. Jaywan transactions are scheduled to be launched in Q4 2024. Then the banks will start issuing cards to their customers. It is expected that by 2027 only...