According to Times, banks and other financial institutions in the United Arab Emirates will begin offering the Jaywan payment card in the second quarter of this year. A top official stated that the recently announced program’s implementation would be finished in two years.
Al Etihad Payments (AEP), established in 2023, is a fully-owned subsidiary of the UAE Central Bank. It was founded to build and run the UAE’s financial markets infrastructure. The Wage Protection System and the UAE Switch, two outdated systems formerly managed by the Central Bank, were among the retail systems where the company began operations.
To promote the creation of the UAE’s first national Domestic Card Scheme (DCS), AEP and NPCI International Payments Limited (NIPL) of India signed a collaboration agreement in October 2023.
AEP owns and runs Jaywan, unveiled during Indian Prime Minister Narendra Modi’s visit to the United Arab Emirates. Jaywan employs technology that NPCI, an Indian payment operator, licenses.
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