Banks and financial institutions in the UAE will start issuing the Jaywan payment card

Banks and other financial institutions in the United Arab Emirates will begin offering the Jaywan payment card in the second quarter of this year, as per reports from Khaleej Times. A top official stated that the recently announced program's implementation will be finished in two years.

Al Etihad Payments (AEP), established in 2023, is a fully-owned subsidiary of the UAE Central Bank. It was founded to build and run the UAE's financial markets infrastructure. The Wage Protection System and the UAE Switch, two outdated systems formerly managed by the Central Bank, were among the retail systems in which the business began operations.

To promote the creation of the UAE's first national Domestic Card Scheme (DCS), AEP and NPCI International Payments Limited (NIPL) of India inked a collaboration agreement in October 2023. 

AEP owns and runs Jaywan, which was unveiled during Indian Prime Minister Narendra Modi's visit to the United Arab Emirates. Jaywan employs technology that is licenced from NPCI, an Indian payment operator.

Residents of the United Arab Emirates who have bank accounts or who bank with exchange houses will be issued Jaywan cards as part of this new payment plan and approach. 

Jaywan might be utilised in India as well if all the electrical connections are established. The cards and payment market in the United Arab Emirates was projected by Global Data to be worth around $120 billion (Dh440.4 billion) by the end of 2022, and it is anticipated to expand at a high single-digit growth rate in the upcoming years.