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UAE’s New Jaywan Card - Benefits and Insights

By Admin - Jun 07, 2024

The UAE is making big changes in how people handle money with the introduction of the Jaywan card. It's the country's first domestic card programme run by Al Etihad Payments, which is part of the UAE Central Bank.

Read on to take a closer look at what this new card is and why it matters.

What is the Jaywan Card?

Jaywan, meaning a precious pearl in Arabic, is the UAE's very own national card scheme. Following in the footsteps of successful domestic card schemes like Interac in Canada, Bancomat in Italy, mada in Saudi Arabia, and RuPay in India, the UAE now has its card scheme designed specifically for its residents.

Key Objectives of Jaywan

The Jaywan card has several primary goals:


Rollout and Availability

The first Jaywan cards are expected to be issued by the end of June 2024, with more issuers joining in the following months. Right now, they're working hard to make sure the card can be widely accepted at ATMs and point-of-sale devices nationwide. Network International, a major acquirer, is among the first to enable Jaywan card acceptance for merchants.

Who Can Get a Jaywan Card?

Pretty much anyone! Banks all over the UAE will have different types of Jaywan cards to suit different people's needs. Whether it’s issued as a salary card by an exchange house or linked to a bank account, Jaywan will provide benefits like discounts on international remittances and purchase protections.

Benefits of Using the Jaywan Card


Fees and Limits

Most financial institutions in the UAE do not charge for issuing a debit card, and this will remain the same for Jaywan. Transaction fees, if any, are usually borne by merchants. The limits and risk management controls will be similar to those of existing debit cards.

Future Developments

The Jaywan card scheme is set to expand over time. The focus will initially be on physical acceptance, but plans are already in place to enable e-commerce transactions later in the year. Additionally, the possibility of issuing Jaywan credit cards is being explored.

International Usage

While the Jaywan card is primarily for domestic use, there are plans to ensure its acceptance in other countries, particularly where UAE residents frequently travel. There will be options for co-badged cards with international schemes like Visa or Mastercard for broader usability.

Wrap-up

The Jaywan card represents a major advancement in the UAE’s financial sector, paving the way for a more digitalized and interconnected financial landscape. With its focus on inclusivity, cost-effectiveness, and security, Jaywan is set to become an integral part of daily financial transactions for residents across the UAE. Keep an eye out for the rollout of this innovative card and the exciting benefits it promises to bring.

FAQs

1. Do all banks have to give out Jaywan cards?

No, it's not required yet. But Abdulaziz Al Ghurair, the head of the UAE Banking Federation, mentioned that all banks plan to switch to Jaywan debit cards in the next two and a half years.

2. When will I get a Jaywan card instead of my current debit card?

Once the Jaywan card program starts, you will start getting Jaywan cards to replace your current debit cards. This will happen gradually over the next few years.

3. Can the Jaywan card be used outside the UAE?

Yes, the Jaywan card will work in countries where bilateral acceptance agreements are in place, such as GCC countries and India. Efforts are also being made to ensure the card can be used in other countries where UAE residents frequently travel.

4. Is the Jaywan card specifically for Indian residents in the UAE?

No, the Jaywan card is not specifically targeted at Indian residents. While inspired by India’s RuPay scheme, the Jaywan card will be issued to all residents in the UAE by licensed financial institutions.

5. Are there plans to introduce Jaywan credit cards?

Yes, there are plans for future enhancements, including Jaywan credit cards. The current focus is on e-commerce acceptance, mobile wallet integration, and improving fraud and risk management capabilities.

6. Why is the Jaywan card being launched?

The Jaywan card is being launched for two main reasons: to enhance financial stability by reducing dependency on third-party providers and to improve financial inclusion by making transactions more efficient and encouraging the use of digital payments.

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