Jaywan: UAE's new domestic card payment scheme; all your questions answered
The way we pay for goods and services is evolving rapidly, with an increasing focus on digital transactions. While global payment networks have long dominated the landscape, many countries are now developing their own domestic card schemes to strengthen financial sovereignty, enhance economic efficiency, and provide more tailored solutions for their citizens.
The UAE is no exception to this trend. Recognising the need for a homegrown payment solution that aligns with the country's economic ambitions and consumer needs, Al Etihad Payments, a subsidiary of the Central Bank of the UAE, has launched Jaywan, the nation's domestic card scheme.
Here is all you need to know about Jaywan card:
What is Jaywan?
Built for the UAE, by the UAE, Jaywan is the UAE's national card payment scheme, meaning it provides a homegrown option to internationally issued debit and prepaid cards.
What is the purpose?
For many years, transactions in the UAE have been processed primarily through global card networks. While these networks provide convenience, they also limit the ability to customise solutions for local needs and increase reliance on external payment systems. The primary goal of Jaywan is to strengthen the country's payment infrastructure by offering an efficient, secure, and widely accepted payment solution that aligns with national economic priorities.
What kinds of cards does Jaywan offer right now?
There are a range of cards tailored to different customer needs. These include:
* Debit cards are issued by participating banks as they will allow consumers to make purchases and withdraw cash directly from their bank accounts. They provide an easy and secure way to manage daily expenses.
* Prepaid cards are ideal for budgeting and controlled spending. They can be loaded with a set amount of funds, making them useful for travel, gifting, and specific spending purposes.
* Credit cards will initially launch with debit and prepaid cards. However, if there is sufficient demand, it will expand to include credit cards as well.
Can international transactions be made with a Jaywan card?
Jaywan allows consumers to make both domestic and international transactions while ensuring that more financial value remains within the UAE.
What are Jaywan's unique features?
* Cards can be used across the UAE and globally due to strategic partnerships with international networks such as Visa, Mastercard, Discover, and UnionPay.
* Build with EMV chip technology, tokenisation, and advanced fraud monitoring to ensure secure transactions.
* Offers debit and prepaid cards, with plans for additional product types based on market needs.
* Supports tap-to-pay functionality and digital wallet integration for convenience and speed.
What are the general benefits?
By introducing Jaywan, the UAE benefits in several ways:
* Ensures that payment processing is managed within the country, reducing dependence on external providers
* Offers businesses a cost-effective option and reduces operational expenses.
* Keeps a greater portion of transaction fees within the UAE's economy, supporting financial institutions and merchants.
* Customised services and benefits to meet the unique needs of UAE residents and businesses.
What will consumers or businesses gain?
Jaywan is designed to benefit the entire ecosystem - from everyday consumers to small businesses and large enterprises. By offering a secure, locally managed, and cost-efficient option, Jaywan creates tangible value on both sides of a transaction.
Consumers
* Whether shopping online or in-store, Jaywan ensures a seamless and protected transaction experience.
* Jaywan cards support NFC-enabled tap-and-go payments and integration with mobile wallets.
* Thanks to partnerships with major international networks, Jaywan can be used both within the UAE and abroad.
* As a UAE-based card scheme, Jaywan is designed specifically for the UAE's residents, offering localised benefits such as merchant discounts and exclusive access to certain services within the country.
Businesses
* Jaywan reduces the cost of payment processing, making it a more affordable proposition for businesses of all sizes
* Jaywan provides smaller merchants with cost-effective digital payment acceptance, driving financial inclusion and reducing reliance on cash.
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