UAE: Mashreq And Al Etihad Payments Collaborate To Enhance Payment Options With Jaywan Cards

Mashreq has broadened the scope of payment methods available to its clientele in the UAE by incorporating Jaywan cards into its NEOPAY terminal network. This move is set to revolutionize the payment landscape in the region by offering a locally-focused payment scheme.

Jaywan, developed and managed by Al Etihad Payments (AEP), a branch of the Central Bank of the UAE (CBUAE), aims to provide a secure and efficient payment solution specifically designed for the UAE’s market needs.

The Jaywan Domestic Card Scheme aims to advance the UAE national agenda, bring efficiency and promote digital payments by boosting card-based transactions across all segments of customers. Over time, Jaywan will expand international acceptance points and offer convenience for UAE residents in making card-based transactions abroad. Jaywan cards will be available for issuance to all customers of UAE’s licensed financial institutions, including banks, exchange houses and others.

The integration of Jaywan cards with Mashreq's NEOPAY terminals signifies a step forward in making digital payments more accessible and cost-effective for users throughout the UAE. This collaboration between Mashreq and Al Etihad Payments ensures that consumers will have the flexibility to use Jaywan cards across a vast number of merchants nationwide. It reflects a shared commitment to enhancing the UAE's digital economy and promoting financial inclusion among its residents.

The Jaywan card is not just a payment method but a tool aimed at fostering financial inclusivity, cutting down transaction costs, and facilitating the growth of e-commerce and digital payments within the UAE. It aligns with the country's strategic ambition to transition towards a digital economy by providing a dependable and secure payment option for consumers at various points of sale, including those equipped with Mashreq's NEOPAY.

Jan Pilbauer, CEO of Al Etihad Payments, also underlined the benefits of this alliance, remarking, "Our collaboration with key acquiring partners like NEOPAY marks a critical step in the rollout of Jaywan, ensuring that cardholders have immediate and seamless access to payment solutions across the UAE. By prioritizing broad acceptance, we ensure that when the first Jaywan card is issued, it works seamlessly at merchant terminals, ATMs, and other channels—building trust and empowering both residents and businesses." Pilbauer's comments highlight the strategic importance of widespread acceptance to the success of Jaywan cards in the UAE.

Vibhor Mundhada, CEO of NEOPAY at Mashreq, emphasized the importance of this partnership, stating, "Our collaboration with Al Etihad Payments to launch the acceptance of Jaywan cards on our NEOPAY terminals is a significant achievement. This partnership will expand our payment network, offering seamless transactions that will further empower customers within the payment space. With NEOPAY, we remain dedicated to driving innovation in the payment industry, and to shaping the future of payments within the UAE." This statement underscores the mutual goal of advancing payment solutions in the region.