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UAE's Al Etihad Payments to launch Jaywan card scheme

Thursday 13 June 2024 13:18 CET | News

The Central Bank of the UAE (CBUAE) is set to launch a domestic card scheme named Jaywan through its subsidiary, Al Etihad Payments, in June 2024.

 

Al Etihad Payments is introducing the Jaywan card scheme in collaboration with India’s NPCI International. Jaywan is part of the country's nine Financial Infrastructure Transformation (FIT) initiatives, aimed at enhancing payment options with a focus on ecommerce, digital transactions, and financial inclusion.

The initiative has seen progress through the launch of the central bank’s instant payment platform, Aani, in October, and a partnership with infrastructure and IT solutions provider Core42 in April to establish standards for the open finance sector.

Planning ahead

Representatives of Etihad Payments stated that the rollout of Jaywan will occur in phases, initially prioritizing acquirer acceptance over customer issuance, with ecommerce acceptance planned for later in the year.

 

Network International, a Dubai-based digital commerce company, will be among the first acquirers to activate the scheme, introducing Jaywan to its network of 60,000 merchants across the UAE.

Partnering with Fime

In April 2024 Al Etihad Payments selected Fime to assist in establishing the UAE's domestic card payment scheme, Jaywan. Fime's role will focus on optimizing certification processes for participants in the Jaywan scheme, aligning with its goals of improving financial inclusion, sovereignty, and economic stability in the region.

To ensure the security, functionality, and compliance of the payment scheme, Fime plans to establish a dedicated testing lab and a customized cloud-based testing and certification platform, leveraging its Fime Test Factory. Additionally, Fime will offer consulting support, technical assistance, and managed services to guide issuers, acquirers, and vendors through the certification process.

The collaboration between Al Etihad Payments and Fime underscores a commitment to fostering a robust digital payments ecosystem in the UAE and reducing dependence on cash transactions.

More: Link


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Keywords: central bank, card scheme, digital payments, ecommerce
Categories: Payments & Commerce
Companies: Al Etihad Payments, Central Bank
Countries: United Arab Emirates
This article is part of category

Payments & Commerce

Al Etihad Payments

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Central Bank

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