Al Etihad Payments, a fully owned subsidiary of the Central Bank of the UAE (CBUAE), which operates the UAE’s national card switch (UAESWITCH) and the domestic card scheme “Jaywan,” has announced a collaborative agreement with Visa to jointly launch the “Jaywan-Visa” debit and prepaid cards within the UAE. This co-badging partnership enhances ongoing efforts to promote the UAE authorities’ ambition of accelerating the shift toward a digital economy.
Collaborative efforts with local partners
Al Etihad Payments and Visa will collaborate closely with local financial institutions, fintech companies, and merchant partners to issue co-badged cards that offer a range of benefits and value-added services tailored to meet market demands, WAM reported.
Featuring both the Jaywan and Visa logos, customers can securely make payments within the UAE and at Visa’s extensive network of over 150 million merchant partners across 200 countries and territories, whether traveling abroad or shopping online.
Processing transactions through national systems
Under this agreement, domestic transactions will be routed through the national card switch, UAESWITCH, while cross-border transactions outside the GCC area will utilize Visa’s global network, “VisaNet.”
Saif Humaid Al Dhaheri, CBUAE’s assistant governor for Banking Operations and Support Services and chairman of Al Etihad Payments, remarked, “Jaywan is a key step toward strengthening the UAE’s financial infrastructure, offering a locally rooted payment solution that supports economic growth and digital transformation. Under this partnership between Al Etihad Payments and Visa, we are creating a seamless, secure, and efficient card payment ecosystem that aligns with the UAE’s vision for innovation and financial empowerment.”
Read more: Jaywan, UAE’s first domestic card scheme to be activated locally and globally: CBUAE
Visa’s commitments to digital payment solutions
Dr. Saeeda Jaffar, Visa’s senior vice president and group country manager for the GCC, stated, “With around 30 percent of payments still made with cash, we look forward to implementing this agreement and continuing our collaboration with industry partners to extend the benefits of digital payments to more consumers and businesses, as well as the wider UAE economy.”
She emphasized that the UAE has been a leader in digital transformation, with ample opportunities to further advance this progress through industry-wide collaboration. This agreement further reaffirms Visa’s dedication to providing security, reliability, and innovation, ensuring that Visa-Jaywan cardholders and merchants in the UAE and globally can fully enjoy these benefits.
