Banks and financial institutions in the UAE will start issuing the payment card called Jaywan in the second quarter of this year
UAE banks have started rolling out Jaywan debit cards, a top official has said. However, the ten million-plus debit cards in the market will be replaced gradually over the next two-and-a-half years.
“Banks have started launching, and the central bank is also concerned about the inconvenience of customers. We have more than 10 million cards in circulation, so replacing these cards will take time.
“We have agreed to be done on stages until two and half years for banks to stop issuing other branded cards and issue Jaywan cards locally,” said Abdulaziz Al-Ghurair, chairman of UAE Banks Federation in a media briefing on Tuesday.
As reported by Khaleej Times in February 2024, banks and financial institutions in the UAE will start issuing the payment card called Jaywan in the second quarter of this year.
“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 Khaleej Times earlier.
Jaywan was announced during Indian Prime Minister Narendra Modi’s visit to the UAE earlier this year.
McCormack said that Jaywan can be co-badged with Mastercard or Visa cards. “There will be two badges on it because a large segment of the UAE travels extensively, and this will enable them to use it all around the world. So, the reach of the Jaywan card is the UAE, GCC and India. Beyond that, we will rely on co-badge partners Mastercard and Visa to extend the reach to the rest of the world,” he said.
Source: Zawya
