UAE's Jaywan Card Set to Save Businesses Dh1 Billion, Reveals UBF Chairman

In a strategic move that promises considerable financial benefits for businesses and retailers across the UAE, Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation (UBF), affirmed that the national domestic card scheme, Jaywan, is poised to generate substantial financial savings for numerous companies and retailers across the country, amounting to Dh1 billion compared to conventional cards such as Visa and MasterCard.Al

Ghurair pointed out the significant cost efficiency Jaywan offers, projecting savings between Dh600 million and Dh1 billion due to lower pricing or discount fees. However, he acknowledged the logistical challenge of replacing over 10 million cards simultaneously in the UAE. Hence, the rollout of the Jaywan direct debit card, primarily for local in-store transactions, will be gradual, with customers receiving it upon their current card's renewal.

Additionally, Al Ghurair affirmed that while customers could choose other international cards, the Jaywan card would enjoy widespread recognition across the Gulf Cooperation Council (GCC) and other countries through bilateral agreements. This initiative is not only about cost-saving but also about enhancing the convenience and flexibility for users in the region and beyond.

Understanding the Jaywan Card

Launched during India Prime Minister Narendra Modi's visit to the UAE, the Jaywan card is based on India's digital RuPay credit and debit card infrastructure, tailored for the UAE market. This collaboration marks a pivotal step in strengthening financial ties between India and the UAE. RuPay, developed by the National Payments Corporation of India, mirrors the functionality of global systems like Visa and Mastercard but is designed to support the vision of the Reserve Bank of India for a domestic, open, and multilateral payment system.

Currently, the Jaywan card is exclusively available to UAE residents who possess a valid Emirates ID, signaling the country's commitment to promoting financial inclusion and the adoption of digital payments among its population.

The Jaywan card comes with a variety of appealing features designed to cater to the needs of its users. Among these are contactless payments, making transactions quicker and more convenient, as well as rewarding rewards and cashback offers that enhance the value of every transaction. Additionally, certain variants of the card come with the benefit of having no annual fees, further incentivizing its adoption among residents.

Jaywan, denominated in UAE dirhams, circumvents the foreign exchange fees and currency conversion issues associated with international transactions using RuPay. This card system is a significant development, fostering greater financial interoperability between the UAE and India.

The two countries also agreed to link their instant payment platforms, India's UPI and the UAE's AANI, further promoting the acceptance of RuPay credit and debit cards in the UAE. According to India's Minister of Commerce and Industry Piyush Goyal, this collaboration will reduce currency risks and facilitate travel between the two nations. The mutual usability of RuPay in the UAE and Jaywan cards in India offers a streamlined financial experience for travelers, eliminating the need to carry large sums of cash or multiple cards.

Jaywan: A Step Towards Financial Inclusivity

The Jaywan card stands out by offering functionalities comparable to other local cards in the UAE, such as the Emirates NBD Classic Card and the Dubai Islamic Bank Classic Card, with the added advantage of integration into the RuPay network. This feature is anticipated to broaden its acceptance for cross-border transactions, particularly with India and expanded to other countries in the future.