Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, is likely to drive payments innovation in the UAE by being the amongst the first acquirers to activate Jaywan, the UAE’s domestic card scheme, among its merchants in partnership with Al Etihad Payments. It is a subsidiary of the Central Bank of the UAE (CBUAE).
The Jaywan domestic card scheme aims to advance the UAE national agenda, bring efficiency and promote digital payments by boosting card-based transactions across all segments of customers.
What is the Jaywan card?
Jaywan is the UAE’s domestic card scheme. There are several reputable national card schemes around the globe. For instance, RuPay in India, Mada in Saudi Arabia, Interac in Canada, Bancomat in Italy and Troy in Turkey. Jaywan is built specifically for the UAE. In Arabic language, the meaning of Jaywan is precious pearl. It aims to promote economic growth and facilitates transactions for UAE citizens and enterprises.
Jaywan cards will be available for issuance to all customers of UAE’s licensed financial institutions, including banks, exchange houses and others.
Key objectives behind the Jaywan card launch
Here are some objectives behind the launch of Jaywan card:
Economic sovereignty: By launching a local card scheme, the UAE aims to reduce its dependency on foreign payment networks. This ensures that transaction fees and data remain in the nation. Hence, this strengthens economic sovereignty and supports both local businesses and the economy in general.
Financial inclusion: Jaywan aims to increase the accessibility of financial services for all UAE citizens, even those who might not have had prior access to standard banking facilities. This is in line with the objectives of the UAE government, which aims to advance digital literacy and financial inclusion.
Enhanced security: The UAE can set up additional security measures that are specific to the local market by using a domestic card scheme. By reducing the possibility of fraud and online risks this gives customers a safer way to make payments.
Benefits of the Jaywan card
The usage of Jaywan card has several benefits. Let’s take a look at some of them:
Cost-effectiveness: Reducing transaction costs is one of Jaywan’s main benefits. Merchants and customers can save money by using a domestic network instead of paying fees to foreign card networks. This reduces the cost of daily transactions and promotes spending in the local economy.
Localised services: Jaywan is designed to meet the unique requirements and preferences of the UAE market. Customised loyalty programmes and rewards schemes that have become more in line with the country’s cultural and economic environment are part of this localization.
Improved consumer protection: The regulatory framework can be enhanced and implemented more successfully. It is only possible if UAE has full authority over the Jaywan system. Stronger consumer protection laws stem from this. It guarantees that consumers have options in the event of disagreements or fraudulent activity.
Economic growth: Jaywan helps regional financial institutions and companies by maintaining transaction fees and data locally. The economy grows overall as a result of the higher spending and lower outflows. This makes the economy more resilient and self-sufficient.
Data security and privacy: The UAE can put strong data protection regulations in place with a domestic card scheme. And, it guarantees that private financial information is handled with care. This enhances trust among consumers and businesses, knowing their data is secure.
Who is eligible for Jaywan card
There will be several card types designed for various customer categories. Since Jaywan is a nationwide card scheme, any financial institutions with an appropriate licence to issue cards will be able to use it. They will cater to all customer groups. You should be qualified for a Jaywan card after you have an account with a licenced financial institution that issues cards. For instance, an exchange house may provide Jaywan as a salary card. Al Etihad Payments will guarantee that the card has perks, such low-cost international transfers. However, if the card is issued in relation to a bank account, the issuer may be able to provide advantages like merchant discounts or purchase protections.
Read: Mastercard, ADGM partner to digitize SME payment flows in UAE
Conclusion
An important turning point has been reached in the UAE’s shift to a more flexible, safe, and inclusive financial system with the launch of Jaywan. Jaywan provides an affordable, safe, and easily accessible payment solutions by using cutting-edge technology to cater to the specific needs of the local market.
Jaywan is positioned to have a significant impact on how payments are made in the UAE going forward as the country innovates and adjusts to the changing digital environment.
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