UAE banks are actively preparing to integrate the forthcoming Jaywan debit card into their existing infrastructure, marking a significant leap forward in the country's payment ecosystem.
UAE banks prepare for the Jaywan debit card rollout
Ajman Bank has emerged as one of the pioneering financial institutions to successfully implement Jaywan card acceptance across its ATM network, according to a recent press statement.
Managed by Al Etihad Payments, a subsidiary of the UAE Central Bank, the Jaywan card is set to be progressively integrated across various payment channels. This includes ATMs, point-of-sale terminals, and e-commerce platforms, ensuring comprehensive accessibility for users across different transaction scenarios.
Ajman Bank, guided by Sharia principles, has announced its readiness to facilitate Jaywan card transactions for cash withdrawals across its extensive ATM network immediately upon the card's launch. This proactive step underscores the bank's commitment to providing seamless financial services to its customers.
Additionally, Habib Bank AG Zurich has taken proactive measures to ensure that Jaywan debit cardholders can access cash withdrawals at their ATMs, alongside other major card networks. This broad acceptance reflects the robust support and readiness of key financial institutions to embrace the new payment solution.
The rollout of the Jaywan Card will be implemented in phases over the next two and a half years. This strategic approach aims to gradually replace over 10 million existing debit cards currently in circulation within the UAE. Initially, the card will enable local transactions for residents, followed by plans for expansion into the GCC and international markets in subsequent phases.
Mustafa Al Khalfawi, CEO of Ajman Bank, expressed confidence in contributing to the UAE's domestic payments agenda through the introduction of the Jaywan card. He emphasized that this integration will not only enhance the payment experience for cardholders but also align with the broader economic goals of the nation, promoting financial inclusivity and digital transformation.
Jan Pilbauer, CEO of Al Etihad Payments, emphasized the strategic importance of partnerships with institutions like Ajman Bank in enhancing convenience and accessibility for Jaywan card users nationwide. Such collaborations play a crucial role in advancing the efficiency and sovereignty of the UAE's payment landscape, ensuring that users benefit from enhanced digital payment solutions.
Purpose and Benefits
The Jaywan card, launched under the UAE Domestic Card Scheme, aims to promote digital transactions in the local currency, thereby boosting operational efficiency and reinforcing national economic sovereignty. By facilitating secure and efficient payment solutions, the Jaywan card is poised to redefine convenience and accessibility for users, positioning itself as a cornerstone of the UAE's evolving financial infrastructure.
The forthcoming rollout of the Jaywan debit card represents a pivotal moment in the UAE's financial sector, promising expanded payment options and reaffirming the country's commitment to digital transformation in financial services. As banks continue to prepare their systems and networks, the Jaywan card is expected to set new benchmarks in user convenience and transactional efficiency across the UAE.
