Here’s how it will work…

UAE banks will soon begin the roll out of a new payment card, Jaywan, a top official has said this week as per state news agency, wam. The introduction of the UAE-India payment card will be done in phases.

Designed for local in-store transactions, back in February it was confirmed the roll-out would begin in the second quarter of 2024. Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation (UBF), explained this week that banks are unable to replace 10 million cards at the same time. So, the Jaywan cards will be given to customers over the next two and a half years, upon renewal of their card. This is to ensure a seamless transition to the Jaywan card.

How does it work?

Jaywan is built on India’s increasingly popular digital RuPay credit and debit card stack, but designed for the UAE market. Earlier this year it was announced that the two countries, India and the UAE, had agreed to link their instant payment platforms – India’s UPI and UAE’s AANI – to promote wider acceptance of RuPay cards in the country.

According to Khaleej Times Jaywan cards will be able to be co-badged with Mastercard or Visa cards. This will allow UAE residents to use it all around the world when they travel.

The Jaywan card will be recognised across the GCC and India. As per wam, it will also be able to be used in numerous other countries through bilateral agreements. A list of countries wasn’t given.

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