UAE banks will start rolling out the domestic Jaywan card and help generate massive savings, according to Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation (UBF).
He 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 AED1bn ($272m) compared to conventional cards such as Visa and MasterCard.
During remarks made at a meeting hosted by the UAE Banks Federation in collaboration with local and international media at the Mashreq Bank headquarters in Dubai, Al Ghurair elaborated on the cost efficiency of Jaywan.
Jaywan card in the UAE
He highlighted that the adoption of this system and the utilisation of new cards would significantly reduce expenses for businesses.
Consequently, it is anticipated to save companies and retailers between AED600m ($163m) and AED1bn ($272m), factoring in pricing or discount fees relative to current card schemes.
Al Ghurair noted that banks are unable to replace more than 10 million cards simultaneously.
As a result, the implementation of the Jaywan direct debit card, designed for local in-store transactions, will occur progressively.
Customers will receive the new card upon renewal, ensuring a seamless transition.
Moreover, he emphasised that while customers may opt for another international card based on personal preference, the new Jaywan card will be recognised across the Gulf Cooperation Council (GCC) region and numerous other countries through bilateral agreements.
Follow us on
