UAE banks are gearing up to accept the new Jaywan debit card and integrating it into their ATM networks. Ajman Bank is leading the way by successfully integrating the Jaywan card acceptance across its ATM network. The card, operated by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, is being progressively integrated into all payment channels, including ATMs, point of sale, and e-commerce. Habib Bank AG Zurich has also indicated that they will accept the Jaywan debit card at their ATMs for cash withdrawals. The card is set to replace more than 10 million debit cards currently in circulation in the UAE and will be rolled out gradually over the next two and a half years.
Ajman Bank announced that they are ready to accept the Jaywan card across their ATM network for cash withdrawals once the card is launched. This move aligns with the UAE’s domestic payments agenda driven by the Domestic Card Scheme Jaywan. Mustafa Al Khalfawi, CEO of Ajman Bank, expressed confidence that the card will enhance the payment experience for cardholders while supporting the nation’s broader economic goals. Al Etihad Payments CEO, Jan Pilbauer, emphasized that partnerships with financial institutions like Ajman Bank are essential in enhancing convenience and accessibility for users throughout the UAE.
The Jaywan card, set to be launched by Al Etihad Payments, is geared towards boosting efficiency and sovereignty in the national payment landscape by promoting digital transactions in the local currency. Pilbauer mentioned that the card is designed to cater to a wide range of users and will be introduced in phases, starting with the physical acceptance of the card. The focus is currently on ensuring wide acquirer acceptance before distributing the card to customers. The aim is to enable customers to utilize their Jaywan cards across the entire payments ecosystem.
The phased rollout of the Jaywan card is expected to enhance the payment experience for UAE residents. Initially, the card will be available for cash withdrawals and payments locally, with plans to expand to the GCC and other foreign markets in the future. The integration of the card into ATM networks of banks like Ajman Bank and Habib Bank AG Zurich marks a significant step towards modernizing the payments landscape in the UAE. By embracing digital transactions through the Jaywan card, the UAE is taking a proactive approach to driving economic growth and financial innovation in the country.
As the UAE continues to evolve as a global financial hub, the acceptance of the Jaywan debit card underscores the country’s commitment to embracing digital payments and enhancing financial inclusion. The strategic partnerships between banks and payment processors, such as Al Etihad Payments, are pivotal in driving the adoption of innovative payment solutions like the Jaywan card. The convenience and accessibility offered by the Jaywan card, along with its compliance with Shariah principles, positions it as a valuable addition to the UAE’s payment ecosystem. With the support of key stakeholders and industry players, the Jaywan card is poised to revolutionize the way residents conduct financial transactions in the UAE.
