Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has announced the launch of Jaywan, the country’s first domestic card scheme. With its launch, Jaywan joins a growing number of domestic card payment schemes that offer national payment infrastructure similar to what Mastercard and Visa offer internationally.  The system is now ready for use locally and internationally, WAM reported, supporting the UAE’s efforts to expand digital payment options. Australia’s Eftpos, Brazil’s Elo, India’s RuPay, Saudi Arabia’s Mada, Bahrain’s Benefit, and Kuwait’s KNET have gained popularity have established their own domestic systems to facilitate debit and credit card transactions. There are about 90 such schemes globally, with nearly 2 billion cards in circulation. While this represents less than 8% of the 26 billion plastic cards in use today, many countries are prioritizing domestic payment networks, especially for debit transactions, to enhance security, lower costs, and boost financial independence. Secure, cost-effective Jaywan aims to provide a secure and cost-effective payment option for individuals and businesses. It is designed to lower transaction costs, speed up local payments using UAESWITCH, support e-commerce, while improving financial inclusion. The scheme will offer different types of cards, including debit, prepaid, and credit […]