Abu Dhabi [UAE], July 21: His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of Central Bank of the UAE (CBUAE), inaugurated "Jaywan", the UAE's first national card scheme and announced the official commencement of its nationwide card issuance by banks, licensed financial institutions (LFIs) and exchange houses, making it available for use by consumers.
The announcement was made during His Highness's receiving of Khaled Mohamed Balama, Governor of the CBUAE, alongside members of the Board of Directors of Al Etihad Payments and chief executive officers from banks, Licensed Financial Institutions (LFIs), and local and international payment companies, reaffirming the close partnership between the CBUAE and the financial sector in supporting the "Jaywan" national card scheme.
His Highness affirmed that the inauguration of "Jaywan" and the commencement of its nationwide issuance represents a strategic milestone that reinforces the UAE's sovereignty over its financial infrastructure and contributes to the development of an advanced national payments ecosystem that keeps pace with the country's future aspirations, in line with the vision of the wise leadership to consolidate the UAE's global standing in financial services.
His Highness, said: "This achievement reflects the UAE's commitment to developing a more efficient, resilient and competitive financial sector that unlocks broader opportunities for innovation, promotes financial inclusion, and further strengthens the UAE's position as a leading global financial hub. This milestone represents a pivotal step in enhancing the national payments ecosystem, improving the efficiency of the financial infrastructure and supporting the country's digital transformation journey."
Banks and LFIs have commenced issuing Jaywan cards in phases over the coming months. Jaywan cards, across all categories, are accepted at point-of-sale terminals, ecommerce platforms, automated teller machines (ATMs) and digital wallets, enabling contactless payments, online purchases and cash withdrawals. They can also be used for domestic and international payment transactions, in accordance with the applicable rules and regulations, providing users with a secure and seamless payment experience.
Jaywan cardholders will also benefit from a comprehensive programme of rewards and offers, delivered in collaboration with a number of strategic partners across the travel, retail, hospitality and lifestyle sectors.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said: "Guided by the vision of the wise leadership, and with the direct support and guidance of H.H. Sheikh Mansour bin Zayed Al Nahyan, the inauguration of Jaywan and the commencement of its nationwide issuance mark a transformative milestone in the development of payment services in the UAE. It demonstrates the financial sector's ability to translate strategic visions into advanced national solutions, in line with the objectives of the 'We the UAE 2031' vision, while advancing innovative digital payments. We will continue working with our partners to further evolve a more advanced financial ecosystem that supports economic growth and enhances the payment experience."
Source: Emirates News Agency
