During Indian Prime Minister Narendra Modi’s recent visit to the UAE, a significant development unfolded with the launch of the Jaywan payment card. Designed on India’s digital RuPay credit and debit card infrastructure, Jaywan aims to cater specifically to the UAE market, fostering closer financial ties between the two nations.
The introduction of Jaywan signifies a strategic move towards enhancing digital payment systems and promoting seamless financial transactions between India and the UAE. With the agreement to link India’s UPI (Unified Payments Interface) and UAE’s AANI instant payment platforms, the adoption of Jaywan is expected to witness a surge, offering users a wide array of benefits.
Vijay Valecha, Chief Investment Officer of Century Financial, shed light on the distinction between RuPay and Jaywan, emphasizing Jaywan’s focus on transactions denominated in UAE dirhams, thus eliminating foreign exchange fees and currency conversion hurdles.
ALSO READ: UAE Initiates Comprehensive Review of Laws and Introduces Science and Health Policies
The convenience and practicality of Jaywan extend to all UAE residents, including Indian expatriates, who can apply for the card with a valid Emirates ID. Furthermore, the launch of Jaywan is poised to strengthen financial inclusivity and promote digital transactions within the UAE’s diverse population.
The collaborative effort between India and the UAE underscores a shared commitment to bolstering economic cooperation and fostering technological advancements in the financial sector. Yusuf Mansawala, Chief Market Analyst at CPT Markets, Dubai, highlighted the potential cost savings for users through reduced transaction fees and enhanced security features embedded within the RuPay network.
Both experts reiterated the pivotal role of Jaywan in facilitating trade relations and promoting financial inclusivity among Indian residents in the UAE. They emphasized the card’s significance in advancing the digital economy and fostering closer ties between the two nations.
Moreover, the seamless integration of Jaywan into existing banking systems is expected to further streamline financial transactions and enhance the overall banking experience for users across the UAE.
As Jaywan gains momentum in the UAE market, financial institutions such as First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Mashreq Bank, and Commercial Bank of Dubai (CBD) are actively participating in its implementation, providing users with a comprehensive and efficient payment solution.
The launch of Jaywan marks a significant milestone in India-UAE financial relations, paving the way for greater collaboration and innovation in the digital payment landscape. With its user-friendly features and cross-country advantages, Jaywan heralds a new era of seamless financial transactions and enhanced connectivity between India and the UAE.
