Al Etihad Payments, a fully owned subsidiary of the Central Bank of the UAE (CBUAE), which operates the UAESWITCH and the UAE’s domestic card scheme ‘Jaywan’, and Visa have signed a strategic agreement to jointly launch ‘Jaywan- Visa’ debit and prepaid cards in the UAE.
This co-badging partnership reinforces ongoing collaborations, supporting the UAE authorities’ ambition to drive digital economy. Under the agreement, both entities will work closely with local financial institutions, fintech and merchant partners to issue to their customers co-badged cards carrying a set of benefits and value-added services that meet the market needs.
Featuring both Jaywan and Visa logos on the cards, it enables customers to pay securely in the UAE and at Visa’s more than 150 million merchant partners across 200 countries and territories while traveling abroad or shopping online.
Under this agreement, domestic transactions will be processed through the national card switch, UAESWITCH, while cross border transactions outside the GCC area will be processed through Visa’s global network ‘VisaNet’.
Dr. Saeeda Jaffar SVP & Country Manager Visa GCC
“Visa’s partnership with Al Etihad Payments, a subsidiary of Central Bank of the UAE, underscores our support of the government’s vision to accelerate digital transformation and establish the UAE as a leader in innovation and economic growth. With around 30 percent of payments still made with cash, we look forward to implementing this agreement and continuing our collaboration with industry partners to extend the benefits of digital payments to more consumers and businesses, as well as the wider UAE economy.”
H.E Saif Humaid Al Dhaheri, the CBUAE’s Assistant Governor for Banking Operations and Support Services, Chairman of Al Etihad Payments, commented that, “Jaywan is a key step toward strengthening the UAE’s financial infrastructure, offering a locally rooted payment solution that supports economic growth and digital transformation. Under this partnership between Al-Etihad Payments and Visa, we are creating a seamless, secure, and efficient card payment ecosystem that aligns with the UAE’s vision for innovation and financial empowerment.”
This agreement reaffirms Visa’s commitment to providing the security, reliability, and innovation to be enjoyed by Visa-Jaywan cardholders and merchants in the UAE and globally. The UAE is set to drive further growth and development through collaborative efforts across industries.
