UAE banks begin rolling out Jaywan debit cards

UAE banks begin rolling out Jaywan debit cards

Published: Tue 14 May 2024, 1:33 PM Last updated: Tue 14 May 2024, 5:24 PM

Banks in the UAE will roll out Jaywan debit cards in stages, a top official has said.

However, the 10 million-plus debit cards that exist in the market will be replaced gradually over the next two-and-a-half years.

“Banks have to launch Jaywan card. We have more than 10 million cards in circulation so replacing these cards will take time…,” said Abdulaziz Al Ghurair, chairman of UAE Banks Federation (UBF) in a media briefing on Tuesday. He added that they agreed to complete it in stages over two and half years. This is so that banks can stop issuing other branded cards and be able to issue Jaywan cards locally.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

As reported by Khaleej Times in February 2024, banks and financial institutions in the UAE will start issuing the payment card called Jaywan in the second quarter of this year.

“We have an aggressive growth plan for Jaywan, hoping to launch debit cards in Q2 2024 with select partners who are ready to issue. Over the next few years, the Central Bank of the UAE (will) mandate all banks