(Credit - WAM)
Jaywan Card Goes Global: 183 Countries, 100M+ Points of Sale
Etihad Payments signed a Memorandum of Understanding with UnionPay International on Tuesday, August 11, to expand the use of UAE’s Jaywan cards globally. The new agreement allows customers to use their Jaywan cards at more than 100 million points of sale and 1.8 million ATMs in over 183 countries. Local banks and financial institutions in the UAE will issue multi-system ‘Jaywan – UnionPay’ cards, enabling local payments to be processed through the Jaywan system and international payments through the UnionPay International network.
The memorandum enables UnionPay to handle the transfer of Jaywan card transactions executed outside the UAE to the Emirates Electronic Switch system operated by Etihad Payments. Settlement operations will be carried out under a separate memorandum of understanding, including the provision of settlement, liquidity, and foreign exchange services. This collaboration aims to enhance the global competitiveness and operational flexibility of the local payment card system in the UAE, raising the efficiency of payment settlement using local currencies and supporting trade relations between the two countries.
The Dubai Financial Services Authority and Central Bank of the UAE have been working to promote the use of the Jaywan card, with several UAE banks already beginning to roll out the national cards to customers. The Jaywan card offers various benefits, including travel perks and discounts, and can be used for local and international transactions.
In a similar development, the UAE has been working to expand its digital payment systems, with the Central Bank of the UAE announcing plans to launch a digital currency. The partnership between Etihad Payments and UnionPay International is expected to further enhance the UAE’s digital payment infrastructure, providing customers with greater convenience and flexibility when making transactions.
100 million points of sale and 1.8 million ATMs in over 183 countries will now accept the Jaywan card, thanks to the new agreement.
This development is connected to the UAE’s ongoing efforts to enhance its digital payment systems, as seen in previous initiatives such as the launch of digital wallets and online payment platforms.
