The Central Bank of the UAE (CBUAE) is preparing to launch a domestic card scheme later this month through its subsidiary, Al Etihad Payments.
Developed in partnership with India’s NPCI International, Jaywan serves as one of the country’s nine Financial Infrastructure Transformation (FIT) initiatives, launched last year, and intends to increase the availability of payment options with a specific focus on e-commerce, digital transactions and financial inclusion.
So far, the progress of this programme has been marked by the launch of the central bank’s instant payment platform Aani in October, and its partnership with infrastructure and IT solutions provider Core42 to establish “global standards for the open finance sector” in April.
In comments to The National, Jan Pilbauer, CEO of Al Etihad Payments, confirmed that the rollout of Jaywan will be actioned “in phases”, with acquirer acceptance currently being prioritised over customer issuance, and with e-commerce acceptance due to follow “later in the year”.
Among the first acquirers to activate the scheme ahead of its rollout later this month is the Dubai-based digital commerce company, Network International, which is set to introduce Jaywan to the 60,000 merchants it claims to serve across the UAE.
Nandan Mer, Group CEO of Network International,describes the launch as “a vital step to digitalising the UAE economy”, while Jamal Al Nassai, the company’s group managing director for merchant services, adds that the move will cultivate “a robust digital payments ecosystem in the UAE” and “reduce dependence on cash transactions”.
Source: fintechfutures
Image: paymentscardsandmobile