Launch of Jaywan Card Scheme by CBUAE
- Overview:
- The Central Bank of the UAE (CBUAE) is launching a domestic card scheme named Jaywan through its subsidiary, Al Etihad Payments.
- Developed in partnership with India’s NPCI International.
- Objectives:
- Part of nine Financial Infrastructure Transformation (FIT) initiatives launched last year.
- Aims to enhance payment options with a focus on e-commerce, digital transactions, and financial inclusion.
- Progress:
- Follow-up to the launch of the instant payment platform Aani in October.
- Collaboration with Core42 to set global standards for the open finance sector in April.
- Implementation:
- Roll-out will be phased, prioritizing acquirer acceptance over customer issuance initially.
- E-commerce acceptance to be introduced later in the year.
- Initial Acquirer:
- Network International, a Dubai-based digital commerce company, will be among the first to activate Jaywan.
- Plans to introduce Jaywan to the 60,000 merchants it serves across the UAE.
- Key Comments:
- Jan Pilbauer, CEO of Al Etihad Payments, confirmed the phased roll-out.
- Nandan Mer, Group CEO of Network International, emphasizes the importance of digitalizing the UAE economy.
- Jamal Al Nassai, Group Managing Director for Merchant Services at Network International, highlights the scheme’s role in reducing dependence on cash transactions and fostering a robust digital payments ecosystem in the UAE.
