Jaywan is the first national domestic card in the UAE, the aim of which is the increase of the population’s access to financial services and the decrease of payment expenditures in the country. Jaywan is set up by Al Etihad Payments which is a subsidiary of the UAE Central Bank and the online service is meant at revolutionizing the payment industry in the UAE and place the UAE at the forefront of the world’s financial technology innovation.
Launch and Availability
The Jaywan card which got its name from a precious pearl identified from the history of UAE will be launched in the end of June by different issuers with others being in the pipeline in the following months. Initial focus is on its broad physical acceptance by consumers at the ATMs and the point-of-sale terminals. Acceptance of e-commerce will be topics that will later be introduced in the year.
Eligibility and Issuance
Jaywan will become available to all licensed financial institutions in the UAE and therefore widely cover more customer segments. The card can be made as the salary card by the exchange houses or linked to the accounts in the bank where they include the features like the discounts on international remittances, purchase protections, and discounts on the merchants.
Benefits of Jaywan
Jaywan is aimed at being a highly effective, secure, integrated and low-cost tool.
• Increased Payment Options: Beneficial for enhancing the UAE’s financial industry by offering more options in the market for the consumption of the public.
• Cost Efficiency: Intended to be less costly than other forms of payment systems while at the same time being mutually advantageous to end users and traders.
• Merchant Discounts: Other benefits include a range of discounts given to card holders depending on the merchants that accept the card, thus boosting the card’s utility.
• Financial Inclusion: Aids in the reduction of currency circulation and increases the adoption of cards among merchants, thus helping to diversify the financial services sector.
International Usability and Co-Badging
Jaywan cards can be used for domestic payments and through reciprocity arrangements in other parts of the world: GCC countries and India. Issuers may also come up with co-branded Jaywan cards with Visa and Mastercard or with other international schemes that allow cross-border transactions.
Photo: Al Etihad Payments
