The UAE’s Central Bank has announced the readiness of Jaywan, the country’s first domestic card scheme, for local and global activation. Launched by Al Etihad Payments, a subsidiary of the Central Bank, Jaywan aims to reduce payment costs and strengthen the UAE’s position as a leading hub for digital payments. This innovative card scheme aligns with the nation’s digital transformation strategy and offers various options including debit, prepaid, and credit cards for use across multiple payment channels.

Jaywan cards will be available in two formats: a mono-badge card for local and GCC usage, and a co-badge card partnering with international payment schemes like Discover, Mastercard, Visa, and UnionPay for global acceptance. The Central Bank has also signed agreements with major tech companies to integrate Jaywan into digital wallets, enhancing convenience for smartphone users.

Al Etihad Payments has plans to expand Jaywan’s acceptance beyond the UAE through agreements with India and other countries by mid-2025. This expansion will further boost the card’s usability and appeal to UAE residents making transactions abroad. The initiative is expected to accelerate the implementation of the UAE’s digital transformation strategy and develop more future-ready financial services.

Banks and financial institutions in the UAE will offer Jaywan cards to their customers, considering individual needs and expectations. This move is set to empower users with greater control, convenience, and benefits in domestic transactions. The Central Bank emphasizes that Jaywan is a key initiative in localizing card payment operations and enhancing the competitiveness of electronic payments in the UAE.

As the financial infrastructure for Jaywan is now ready, the next phase includes a comprehensive rollout to all UAE customers. This strategic launch is poised to revolutionize the payment landscape in the UAE, promoting financial inclusion and supporting the country’s vision of becoming a cashless economy[1][2][6][9].