Dubai: The UAE’s new ‘Jaywan’ payment platform, owned by Al Etihad Payments and backed by the UAE Central Bank, is preparing for a full rollout in Q4-2024. Apart from banks, telecom giants e& UAE and du will offer Jaywan payment services through their digital wallets, allowing users to make payments both in physical stores and online.
Jaywan aims to provide the UAE with its own domestic card scheme, offering a lower-cost alternative to global payment giants. So far, 26 banks and telecom companies have been onboarded, and banks will soon begin issuing Jaywan debit cards to their customers.
Nandan Mer, CEO of Network International, a Dubai-headquartered payment network operator, confirmed that the infrastructure is ready for Jaywan’s launch, with banks preparing their ATMs and merchants updating their point-of-sale machines to accept Jaywan payments.
The initial phase of Jaywan will focus on prepaid and debit cards, which offer broad consumer reach. Compared to international cards, Jaywan is expected to deliver significant savings for consumers, potentially offering up to 20% in cost savings on transactions, effectively doubling the typical 10% cashback from other debit cards.
With the full rollout anticipated by the end of August, Jaywan’s competitive edge will come from its tailored rewards and loyalty programs designed specifically for the UAE market, offering consumers noticeable value in their everyday spending.
