Abu dhabi: Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has partnered with Mastercard to introduce the world's first 'Jaywan-Mastercard' co-badged credit card. This strategic collaboration marks a significant milestone in the UAE's payment industry, aimed at enhancing the country's financial infrastructure and global connectivity.
According to Emirates News Agency, the partnership involves the development of advanced infrastructure for card payment transactions and the establishment of a new operations center in the UAE. This center will be part of Mastercard's global network, offering advanced card payment services to local and regional markets. The initiative will enable the issuance of Jaywan co-badged credit cards, fostering global acceptance and strengthening the UAE's position as a financial hub.
This collaboration supports AEP's commitment to modernizing the UAE's payment infrastructure by bringing together banks, fintechs, merchants, and global technology partners. AEP and Mastercard aim to expand payment options and support local innovation, enhancing the ability of financial institutions and businesses to serve consumers in a rapidly evolving digital economy.
The 'Jaywan-Mastercard' credit card, with Mastercard as the prime international scheme, promises secure and accessible payment experiences. It provides banks, fintechs, and merchants with additional functionalities to better serve consumers, grow businesses, and contribute to the national economy.
Mastercard will deploy next-generation payment infrastructure in the UAE, enhancing the capabilities of Jaywan debit, prepaid, and credit co-badged cards. This includes advanced switching, processing, and value-added services, along with cybersecurity and fraud prevention measures. The initiative highlights the UAE's approach to strengthening national payment goals and fostering innovation.
Saif Humaid Al Dhaheri, Chairman of Al Etihad Payments, emphasized the significance of this collaboration for the UAE's payments ecosystem, highlighting the combination of national infrastructure with global innovation. Dr. Dimitrios Dosis, President of EEMEA at Mastercard, noted the partnership's role in supporting growth in trade, tourism, and commerce.
As the partnership progresses, Al Etihad Payments and Mastercard plan to explore solutions that support the UAE's digital transformation and enhance the domestic payments ecosystem.