All UAE banks have to launch Jaywan debit cards
The rollout of Jaywan debit cards will occur in stages, but all UAE banks are required to do so.
During Indian Prime Minister Narendra Modi's visit to the UAE earlier this year, the announcement of the new payment system was made.
According to a high-ranking official, the Jaywan debit cards will be introduced to UAE banks gradually.
But the current stock of over 10 million debit cards will be progressively replaced over the course of the next 2.5 years.
Banks must introduce the Jaywan card. Abdulaziz Al Ghurair, chairman of the UAE Banks Federation (UBF), stated during a Tuesday media briefing that replacing the cards would take time due to the high circulation of over 10 million cards. He went on to say that they had decided to finish it in stages over the course of 2.5 years. The goal is for financial institutions to be able to issue Jaywan cards instead of other brands.
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The UAE's banking and credit institutions will begin issuing the Jaywan payment card in the second quarter of 2024, according to a February 2024 report by Khaleej Times.
With the help of a few partners who are prepared to issue debit cards, we intend to launch Jaywan in the second quarter of 2024 as part of our ambitious expansion plan. According to Andrew McCormack, chief operating officer at Al Etihad Payments (AEP), who spoke to Khaleej Times earlier, the Central Bank of the UAE will require all banks to issue Jaywan debit cards to their UAE customers in the coming years.
According to McCormack, Mastercard and Visa can co-badge with Jaywan. There will be two badges on it because a lot of people from the UAE travel a lot, and that way they can use it everywhere they go. The Jaywan card is designed to be used in the UAE, GCC, and India. The remaining part of the globe will be reached through our co-badge partners, Visa and Mastercard," he added.
"We anticipate that Jaywan will subsequently be approved at the GCC level, and subsequently through country-to-country agreements with nations like India and China," stated Al Ghurair.
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