Jaywan: A new era of digital payments in the UAE
The UAE’s financial landscape is transforming remarkably with the launch of Jaywan, the country’s first domestic card scheme. This initiative, spearheaded by Al Etihad Payments, aims to revolutionise how payments are made in the country. Here’s what we know about the Jaywan card in the UAE.
Disclaimer: Please note that the Jaywan scheme will be rolled out in phases. Contact your bank for details.
Jaywan Card Explained: What is the Jaywan Card in UAE?
As the driving force behind Jaywan, Al Etihad Payments is responsible for developing, implementing and managing the UAE’s card scheme. These cards result from an agreement between Al Etihad Payments, owned by the Central Bank of the UAE and NPCI International Payments Limited (NIPL) of India.
Jaywan’s arrival is a strategic move towards greater financial inclusion and enhanced security. It joins renowned national card schemes such as Interac in Canada and RuPay in India. The name “Jaywan” is a nod to the UAE’s rich heritage, translating to “precious pearl” in Arabic.
Key Objectives Behind UAE’s new Jaywan payment cards
Jaywan card introduction has several key strategic objectives.
Economic Sovereignty
The scheme will reduce reliance on foreign payment networks. Also, transaction fees and data will remain within the country, strengthening the nation’s economic sovereignty and supporting local businesses and the economy.
Financial Inclusion
Jaywan’s mission is to increase the accessibility of financial services for all UAE citizens, even those who may have had limited access to traditional banking facilities. This aligns with the UAE government’s broader goals of advancing digital literacy and fostering financial inclusion nationwide.
Enhanced Security
The Jaywan card scheme allows the UAE to implement additional security measures tailored to the local market. Jaywan provides customers with a safer and more secure way to make payments by reducing the risk of fraud and online threats.
Benefits of the Jaywan Card
The Jaywan card offers a range of benefits to both merchants and consumers in the UAE:
Cost-effectiveness
One of Jaywan’s primary advantages is its ability to reduce transaction costs. By utilising a domestic network instead of relying on foreign card networks, merchants and customers can save money on daily transactions, promoting increased spending within the local economy. The card can also be used for sending money, like other reputable money transfer services in the UAE.
Localised Services
Jaywan is designed to cater to the unique requirements and preferences of the UAE market. This includes implementing customised loyalty programs, rewards schemes, and other features that align with the country’s cultural and economic environment.
Cardholders can enjoy excellent savings across the country’s shopping, dining and entertainment venues. Also, residents can access airport lounges and get discounts on travel bookings and hotel reservations.
Improved Consumer Protection
The Jaywan framework allows the UAE to enhance its regulatory framework and consumer protection laws. This ensures that customers have recourse in the event of disputes or fraudulent activity, further strengthening trust in the payment ecosystem.
Data Security and Privacy
The Jaywan scheme enables the UAE to implement robust data protection regulations, ensuring customers’ sensitive financial information is handled carefully. This enhances trust among consumers and businesses, knowing their data is secure.
Eligibility for the Jaywan Card
Jaywan is a national card scheme. So, it is accessible to all licensed financial institutions in the UAE that issue cards. These institutions will then offer Jaywan cards to various customer segments, from individuals to businesses, ensuring a broad reach and maximum impact.
- Applicants must be a UAE resident holding a valid Emirates ID. Only those 21 years or older can apply for the card.
- You must meet the minimum monthly income requirement, depending on the card type.
- To be eligible for a Jaywan card, you must have an account with a licensed financial institution in the UAE. This could be a bank, an exchange house or another authorised financial service provider.
- You should not have any existing credit card debt/repayment issues.
- Once you have an account, you can apply for a Jaywan card through the institution. The application process typically involves filling out a form and providing personal information.
- Once your application is approved, the issuing institution will provide you with a Jaywan card.
It’s important to note that the Jaywan card may come in different variants, catered to the specific needs of various customer segments. For example, an exchange house may offer a Jaywan salary card, while a bank may provide a Jaywan debit card with additional benefits, such as purchase protection or merchant discounts.
Types of Jaywan Cards
Jaywan Cards Jaywan cards will be issued in two variants initially:
- Mono-badged Cards: These cards with the Jaywan logo will be dedicated to domestic payments within the country.
- Co-badged Cards: The co-branded variants will feature the Jaywan scheme logo and the Visa or Mastercard logo. These can be used for international payments when cardholders travel abroad.
Currently, the focus is on rolling out debit cards.
Jaywan’s Rollout and Acceptance
The Jaywan card scheme is being rolled out in phases, initially focusing on physical acceptance across the UAE’s payments ecosystem. Currently, Ajman Bank is among the first UAE banks to integrate the card across its ATMs. More financial institutions are expected to join in the coming months.
Al Etihad Payments, a subsidiary of the UAE Central Bank, prioritises activating Jaywan acceptance among acquirers, such as Network International, to ensure widespread usage. ATMs and point-of-sale (POS) devices nationwide can accept Jaywan cards in the coming weeks.
The next phase will involve integrating Jaywan into the e-commerce landscape to allow seamless online transactions. Additionally, Al Etihad Payments is exploring partnerships with international card schemes to facilitate the use of Jaywan cards in other countries where UAE residents travel, further enhancing the card’s versatility.
FAQs about Jaywan UAE
What is Jaywan’s Relationship with RuPay?
India’s RuPay card scheme has influenced Jaywan’s development. The two countries have partnered, with Jaywan adopting some of the RuPay system’s interfaces and functionalities.
This partnership allows for increased interoperability between the two payment networks. UAE residents, including Indian expats, can now use their RuPay cards in the UAE, while Jaywan cards can be used in India. This integration eliminates the need for currency conversion, providing a seamless payment experience for travellers between the two nations.
Moreover, the linked instant payment platforms of India’s UPI and the UAE’s AANI further strengthen the cross-border payment ecosystem, promoting wider acceptance of credit and debit cards across both countries.
What future enhancements are expected?
Al Etihad Payments has already established a roadmap for future enhancements:
- E-commerce Acceptance: Expanding the acceptance of Jaywan cards in the e-commerce sector, enabling seamless online transactions.
- Tokenization: Integrating Jaywan with UAE’s digital mobile wallets and other digital payment platforms for convenient and secure contactless payments.
- Fraud and Risk Management: Continuously improving the fraud detection and risk management capabilities of the Jaywan system, ensuring customers’ highest levels of security.
- Jaywan Credit Cards: Exploring the potential introduction of Jaywan-branded credit cards based on market demand and evolving customer preferences.
How to apply for Jaywan?
- Have the mandatory documents ready. The list includes
- Valid passport, UAE visa and Emirates ID
- Proof of income
- Bank account statements (previous 3 to 6 months)
- Passport-size photographs
- Proof of address (tenancy contract, utility bill)
- Approach the bank. Please note that almost all banks in the UAE will offer Jaywan cards.
- Check your eligibility and fulfil the bank’s requirement for additional documentation.
- Visit the bank branch or apply online.
- Pay the Jaywan card application fee (AED 50 to AED 500).
- Wait for approval. The standard processing time for Jaywan is 5 to 20 working days, depending on the bank.
- Once approved, activate your card and set a new PIN.
With the support of strategic partnerships, such as the integration with India’s RuPay network, Jaywan is poised to unlock a new era of cross-border payment solutions, further strengthening the economic ties between the UAE and its global counterparts.
The UAE has an electronic payment method called E-Dirham. Also from dividing a dinner bill to sending cash in an instant, FastPay Emirates NBD app is your mobile solution for seamless cashless transactions. To learn more about life in the UAE, subscribe to MyBayut!
