150 Million Merchants Worldwide: How Jaywan-Visa Cards Will Boost UAE Payment Ecosystem

Al Etihad Payments, a subsidiary of the Central Bank of the UAE, has partnered with Visa to launch "Jaywan-Visa" debit and prepaid cards in the UAE. This collaboration aims to support the UAE's goal of advancing towards a digital economy.

With both Jaywan and Visa logos on the cards, customers will be able to pay securely in the UAE and at Visa's more than 150 million merchant partners across 200 countries and territories while travelling abroad or shopping online.

These cards will offer various benefits and services tailored to market needs. Domestic transactions will be processed via UAESWITCH, while international transactions outside the GCC will use Visa's global network, VisaNet.

Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations at CBUAE and Chairman of Al Etihad Payments, stated that Jaywan is crucial for strengthening the UAE's financial infrastructure. He emphasised that this partnership creates a secure and efficient payment ecosystem aligned with the UAE's vision for innovation and financial empowerment.

Dr. Saeeda Jaffar, Visa's Senior Vice President for the GCC, noted that about 30% of payments in the UAE are still made in cash. She expressed enthusiasm for extending digital payment benefits to more consumers and businesses through this agreement. She highlighted that this collaboration reaffirms Visa's commitment to security and innovation for cardholders globally.

Dr. Jaffar also mentioned that the UAE leads in digital transformation but still has room for growth through industry collaboration. The agreement between Al Etihad Payments and Visa aims to further this progress by providing reliable payment solutions that benefit both consumers and merchants.

This initiative reflects ongoing efforts to enhance financial services in the region by integrating advanced technology into everyday transactions. By offering a locally rooted payment solution like Jaywan, the partnership supports economic growth and digital transformation across the UAE.

The introduction of Jaywan-Visa cards marks a significant step towards reducing cash dependency in the UAE. It aligns with broader efforts to modernise payment systems and promote financial inclusion through innovative solutions.

With inputs from WAM