Network International (Network), a leading digital commerce provider in the Middle East and Africa (MEA) region, is activating alongside merchants in a move expected to drive payments innovation in the UAE by being one of the first acquirers to partner with Al Etihad Payments Jaywan, the UAE’s national card system. It is a subsidiary of the Central Bank of the UAE (CBUAE).
National card system Jaywan aims to advance the UAE’s national agenda, drive efficiencies and encourage digital payments by facilitating card-based transactions across all customer segments.
What is Jaywan Card?
Jaywan is the UAE’s national card system. There are several well-known national card systems around the world, such as RuPay in India, Mada in Saudi Arabia, Interac in Canada, Bancomat in Italy, Troy in Turkey, etc. Jaywan is specially designed for the UAE. Jaywan means “pearl of great price” in Arabic. The aim is to boost economic growth and facilitate trade between UAE nationals and businesses.
Jaywan Cards can be issued to all customers of licensed financial institutions in the UAE including banks, money exchanges etc.
Key objectives behind the launch of JayOne Card
Some of the objectives behind the launch of Jaywan Card are:
- Economic sovereignty: The UAE aims to reduce its reliance on foreign payment networks by introducing a local card system. This will ensure that transaction fees and data remain in-country. This will strengthen economic sovereignty and support both local businesses and the economy as a whole.
- Financial inclusion: Jaywan aims to increase access to financial services for all UAE nationals, including those who have previously lacked access to traditional banking services. This is in line with the UAE government’s goal of promoting digital literacy and financial inclusion.
- Enhanced security: With a national card system, the UAE can introduce additional security measures specifically tailored to the local market. By reducing fraud and online risks, customers can make payments more securely.
Benefits of Jaywan Card
There are several benefits to using the Jaywan Card. Let’s have a look at some of them:
- Cost Efficiency: Reducing transaction costs is one of Jaywan’s key advantages. Merchants and customers can save money by using the domestic network instead of paying fees to overseas card networks. This reduces day-to-day transaction costs and encourages spending in the local economy.
- Localized Service: Jaywan is designed to meet the unique needs and preferences of the UAE market. Part of this localization includes loyalty programs and reward systems that are tailored to the country’s cultural and economic environment.
- Improved consumer protection: The regulatory framework can be improved and implemented more effectively. This is only possible if the UAE has full control over the Jaywan system. This will result in stricter consumer protection laws. This will give consumers options in case of disagreements or fraud.
- Economic Growth: Jaywan supports local financial institutions and businesses by managing transaction fees and data locally. Increased spending and reduced outflows grow the economy overall. This makes the economy more resilient and independent.
- Data Security and Privacy: The UAE can implement strict data protection regulations on the domestic card system. It also ensures that personal financial information is handled with care. This increases consumer and business trust knowing their data is secure.
Who can use Jaywan Card
?There are multiple card types available for different customer categories. As Jaywan is a nationwide card system, it can be used by any financial institution that has the appropriate card issuing license. They serve all customer groups. If you have an account with an authorized card issuing financial institution, you are eligible to get a Jaywan card. For example, a money exchange may offer Jaywan as a payroll card. Al Etihad Payments ensures that the card offers benefits such as low-cost international remittances. However, if the card is issued in conjunction with a bank account, the issuer may be able to offer benefits such as merchant discounts and buyer protection.
Conclusion
The launch of Jaywan marks a major turning point in the UAE’s transition towards a more flexible, secure and inclusive financial system. Jaywan offers an affordable, secure and easily accessible payment solution by leveraging cutting-edge technology to meet the specific needs of the local market.
Jaywan is poised to have a major impact on the way payments are made in the future as the UAE continues to innovate and adapt to the changing digital environment.