Banks in the UAE are set to gradually introduce the new Jaywan debit card, starting from the second quarter of this year. The UAE Banks Federation announced that the existing 10 million-plus debit cards in the market are scheduled to be replaced over the next two-and-a-half years.
Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, stated at a media briefing, “Banks have to launch Jaywan card. We have more than 10 million cards in circulation so replacing these cards will take time…,” highlighting that the transition will occur in stages to phase out other branded cards.
Andrew McCormack, chief operating officer at Al Etihad Payments, detailed to Khaleej Times that the plan includes an initial launch with select partners who are prepared to issue these cards. “We have an aggressive growth plan for Jaywan, hoping to launch debit cards in Q2 2024,” McCormack said.
He further explained that the Jaywan cards could be co-badged with Mastercard or Visa, enhancing their usability globally, particularly in the UAE, GCC, and India. “The reach of the Jaywan card is the UAE, GCC and India. Beyond that, we will rely on co-badge partners Mastercard and Visa to extend the reach to the rest of the world,” McCormack added.
Al Ghurair also expressed expectations for broader acceptance of Jaywan cards, “We expect Jaywan will be accepted in the future at the GCC level and then country-to-country agreements with China, India and other countries,” he noted.