Abu Dhabi: Al Etihad Payments, a subsidiary of the Central Bank of the UAE, and Visa have unveiled a partnership to introduce 'Jaywan-Visa' co-badged debit and prepaid cards in the UAE. This initiative marks a significant step towards accelerating the UAE's transition to a digital economy.
According to Emirates News Agency, the collaboration aims to engage local financial institutions, fintech, and merchant partners in issuing these co-badged cards, which will offer a variety of benefits and services tailored to meet market needs. The cards, featuring both Jaywan and Visa logos, will enable customers to conduct secure transactions within the UAE and at over 150 million Visa merchant partners across 200 countries and territories globally.
The agreement stipulates that domestic transactions will be processed via the national card switch, UAESWITCH, while international transactions outside the GCC will be handled through Visa's global network, VisaNet. Saif Humaid Al Dhaheri of the Central Bank of the UAE emphasized that Jaywan is crucial for strengthening the UAE's financial infrastructure, aligning with the nation's vision for innovation and economic growth.
Dr. Saeeda Jaffar of Visa highlighted the opportunity to extend digital payment benefits to more consumers and businesses, noting the UAE's leadership in digital transformation. She reiterated Visa's commitment to enhancing security, reliability, and innovation for cardholders and merchants both locally and globally.