Banks in the UAE have started accepting the Jaywan debit card at their ATMs, enabling cash withdrawals from their networks.
This initiative, launched by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, aims to replace over 10 million debit cards in circulation within the next two and a half years.
Currently, Ajman Bank and Habib Bank AG Zurich are among the first to facilitate Jaywan card transactions. The Shariah-compliant Ajman Bank announced on Tuesday its support for Jaywan cards across its ATM network. Similarly, Habib Bank AG Zurich has updated its ATMs to accept Jaywan cards alongside other debit cards.
The Jaywan card will progressively be accepted across all payment channels, including ATMs, point of sale, and e-commerce. Initially, the card can be used for local transactions, with plans to extend its usability to the GCC and other international markets.
Mustafa Al Khalfawi, CEO of Ajman Bank, emphasized the card's role in advancing the UAE’s domestic payments agenda.
“We are confident that this will enhance the payment experience for Jaywan cardholders while supporting the broader economic goals of the nation,” he stated.
Jan Pilbauer, CEO of Al Etihad Payments, highlighted the significance of this development in enhancing convenience and accessibility for users throughout the UAE. He noted that the Jaywan card is part of a broader strategy to boost the efficiency and sovereignty of the national payment landscape by promoting digital transactions in the local currency.
The rollout of the Jaywan card represents a significant step in expanding the UAE’s financial market infrastructure, aligning with the nation’s vision of advancing its economic and digital transformation goals.
News Source: Khaleej Times
