Banks in the UAE will roll out Jaywan debit cards in phases, according to a top official.
Over the next two-and-a-half years, the more than 10 million existing debit cards in the market will be gradually replaced.
“Banks are required to launch the Jaywan card. With over 10 million cards in circulation, replacing them will take time. We have agreed on a staged approach, with banks ceasing to issue other branded cards and exclusively issuing Jaywan cards locally within two and a half years,”
said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation (UBF), during a media briefing on Tuesday.
As reported in February 2024, UAE banks and financial institutions will begin issuing the Jaywan payment card in the second quarter of this year.
“We have an aggressive growth plan for Jaywan, aiming to launch debit cards in Q2 2024 with select partners who are ready to issue. Over the next few years, the Central Bank of the UAE will mandate all banks to issue Jaywan debit cards to their customers in the UAE,”
stated Andrew McCormack, chief operating officer at Al Etihad Payments (AEP).
McCormack mentioned that Jaywan cards can be co-badged with Mastercard or Visa.
“The card will feature two badges to cater to the large segment of UAE residents who travel extensively, enabling worldwide use. The Jaywan card will be primarily for the UAE, GCC, and India, while co-badge partners Mastercard and Visa will extend its reach globally,”
he explained.
“We anticipate Jaywan will eventually be accepted across the GCC and through country-to-country agreements with China, India, and other countries,”
added Al Ghurair.
News Source: Khaleej Times
