UAE's new 'Jaywan' payment cards to be issued from September; ATMs, point-of-sale terminals get ready

The new 'Jaywan' payment cards are set to bring about a big change in the financial landscape of the United Arab Emirates. These cutting-edge cards will be made available to consumers by banks all around the United Arab Emirates starting in September, with the goal of improving the security and efficiency of financial transactions in the country.

Before banks begin issuing the cards to their clients by the end of the third quarter and take up significant speed during the fourth, the UAE's new payments card system, Jaywan, will have cleared two significant milestones by the end of August.

Key Features of Jaywan Cards

• Advanced Encryption: Utilizes advanced encryption technology to secure transactions and protect against fraud, ensuring robust security for cardholders.
• Compatibility: Seamless integration with existing payment infrastructure, allowing for easy adoption by consumers and merchants alike without significant disruptions.
• Zero Transaction Fees: Issued free of charge and with no additional transaction fees, making 'Jaywan' cards a cost-effective choice for users, especially for frequent transactions.
• Wide Acceptance: Supported by over 90% of POS terminals and 95% of ATMs across the UAE, ensuring widespread acceptance and accessibility for cardholders.
• User Experience: Offers a smooth and secure payment experience, promoting confidence among consumers in using digital payment methods.
• Economic Impact: Reduces financial barriers for users by eliminating transaction fees, potentially encouraging more frequent card use and boosting digital payment adoption rates.

Issuance of Jaywan Cards: What to Expect

The issuance of 'Jaywan' cards in the UAE, starting in September, marks a significant milestone in the country's financial landscape. Here's what to expect from the rollout process: The issuance is expected to ramp up through the fourth quarter of the year, aiming to distribute up to 8 million cards across the UAE.

How Customers Can Apply Jaywan Cards

Banks will notify their customers about the availability and benefits of 'Jaywan' cards through various communication channels, including mobile apps, websites, and branches. Customers can apply for 'Jaywan' cards through their respective banks. The application process is designed to be simple and user-friendly, ensuring a seamless experience for applicants.

Impact on the UAE Economy

The issuance of 'Jaywan' cards in the UAE is poised to have several positive impacts on the economy:

 'Jaywan' cards will encourage more individuals and businesses to shift towards digital payments, reducing reliance on cash transactions.

Digital payments streamline financial transactions, improving overall economic efficiency and transparency.

The cards promote financial inclusion by providing secure and accessible payment solutions to a broader population, including those previously underserved.

Increased access to banking services empowers individuals to manage finances more effectively, stimulating economic activity.

Convenient and secure payment options may boost consumer confidence and spending, supporting economic growth.

 Enhanced payment infrastructure encourages business growth and expansion by facilitating smoother transactions and reducing operational costs.

Digital payments are faster and more efficient than traditional cash transactions, reducing time spent on processing and handling payments.

By eliminating transaction fees and reducing the reliance on physical cash handling, 'Jaywan' cards contribute to cost savings for businesses and individuals alike.

Advanced encryption technology in 'Jaywan' cards enhances transaction security, reducing the risk of fraud and improving trust in the financial system.

Digital transactions provide clearer audit trails and transparency, contributing to a more robust and accountable financial environment.

 The rollout aligns with UAE's regulatory frameworks aimed at enhancing financial services and promoting a secure digital economy.

Government support for digital payment initiatives reinforces economic stability and resilience against external economic fluctuations.

Overall, the introduction of 'Jaywan' cards is expected to stimulate economic growth, promote financial inclusion, and enhance efficiency in the UAE's economy by fostering a transition towards digital payments and improving overall financial accessibility and security.