‘All UAE banks have to launch Jaywan debit cards’: Rollout to happen in phases

The 10-million-plus debit cards that exist in the market will be replaced gradually over the next two and a half years

by

Waheed Abbas

  • Follow us on
  • google-news
  • whatsapp
  • telegram

 

Jaywan Rupay card
Jaywan Rupay card

Published: Tue 14 May 2024, 1:33 PM

Last updated: Wed 15 May 2024, 5:09 PM

Banks in the UAE will roll out Jaywan debit cards in stages, a top official has said.

However, the 10 million-plus debit cards that exist in the market will be replaced gradually over the next two-and-a-half years.


“Banks have to launch Jaywan card. We have more than 10 million cards in circulation so replacing these cards will take time…,” said Abdulaziz Al Ghurair, chairman of UAE Banks Federation (UBF) in a media briefing on Tuesday. He added that they agreed to complete it in stages over two and half years. This is so that banks can stop issuing other branded cards and be able to issue Jaywan cards locally.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.


As reported by Khaleej Times in February 2024, banks and financial institutions in the UAE will start issuing the payment card called Jaywan in the second quarter of this year.

“We expect Jaywan will be accepted in the future at the GCC level and then country-to-country agreements with China, India and other countries,” said Al Ghurair.

In March, a meeting was held by Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and the CEOs of the local banks to discuss the progress on the implementation of comprehensive digitally-enabled financial service transformation initiatives, including the UAE’s instant payment platform, Aani, and the UAE’s first national domestic card scheme, Jaywan.

It also discussed the developments on the domestic and international rollout of the central bank digital currency programme ‘Digital Dirham’ and the upcoming implementation steps in the Open Finance initiative enabling consumers to share data across the financial ecosystem.

ALSO READ:



More news from Business