Jaywan: UAE-India payment card overview

The recent launch of the Jaywan payment card during Indian Prime Minister Narendra Modi’s visit to the UAE signifies a major step in financial collaboration between the two nations. Jaywan, built on India’s digital RuPay credit and debit card stack, is specifically tailored for the UAE market. This launch is complemented by an agreement to link instant payment platforms – India’s UPI and UAE’s AANI – aiming to enhance the acceptance of credit and debit RuPay cards in the country.

Financial experts Vijay Valecha and Yusuf Mansawala provide insights into the nuances of Jaywan and its implications for UAE residents, particularly the Indian expatriate community.

RuPay, introduced by the National Payments Corporation of India, serves as India’s digital credit and debit card infrastructure, akin to global giants Visa or Mastercard. In contrast, Jaywan emerges as the latest domestic payment card in the UAE, crafted upon the foundation of India’s RuPay. It adopts interfaces similar to RuPay, following bilateral agreements between the two nations, including the integration of swift payment systems.

Yusuf highlights that transactions with Jaywan are denominated in UAE dirhams, eliminating foreign exchange fees and currency conversion issues associated with RuPay’s operation in Indian rupees.

Vijay emphasizes the benefits of Jaywan for UAE residents, particularly Indian expats. The linked domestic card system mitigates currency risks and enhances travel between the two nations. RuPay cards from India are usable in the UAE, and Jaywan cards from the UAE are functional in India, eliminating the need for carrying large amounts of cash or multiple plastic cards during travel. Jaywan card users can conduct transactions in local currencies, providing significant advantages for frequent travelers.

While Jaywan offers functionalities comparable to other local cards in the UAE, it distinguishes itself by integrating with the RuPay network, potentially providing broader acceptance in the future, especially for cross-border transactions involving India.

Eligibility for a Jaywan card is open to all UAE residents with a valid Emirates ID.

The purpose of launching Jaywan in the UAE extends beyond financial convenience. With approximately 3.89 million Indians in the UAE, accounting for nearly 38% of the population, the unified payment system aims to strengthen bilateral relations and pave the way for increased investment cooperation in the digital infrastructure sector. The card’s introduction is a strategic step toward boosting the digital economy and fostering economic ties between the two nations.

Yusuf notes that Jaywan’s primary goal is to enhance trade relations between India and the UAE, promoting digital transactions and facilitating seamless business exchanges. Additionally, it strives to promote financial inclusivity within the UAE, specifically for Indian residents, offering a convenient and affordable payment solution tailored to their requirements. Ultimately, Jaywan represents a significant stride toward integrating the payment systems of both nations, advancing financial cooperation and economic partnership.

Indian tourists in the UAE can use both Jaywan and RuPay for transactions, providing them with flexibility and convenience during their visits.

Vijay outlines the advantages of having a Jaywan card, especially in terms of potential cost savings. RuPay initially imposed transaction processing fees approximately 23% lower than Visa and Mastercard. With the anticipated popularity of the Jaywan card, similar discounts to RuPay can be expected in the future, incentivizing residents to opt for Jaywan. This strategy aims to highlight Jaywan’s cross-country advantages.

Yusuf adds that Jaywan minimizes cross-border transaction costs, potentially reducing domestic fees, enabling users to save a substantial amount of money in the long run. The simplified transactions within the UAE and the possibility of international acceptance through RuPay network partnerships enhance the convenience factor. Importantly, Jaywan leverages the robust security infrastructure of the RuPay network, providing users with peace of mind and ensuring secure transactions.

Currently, four banks in the UAE are offering the Jaywan card: First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Mashreq Bank, and Commercial Bank of Dubai (CBD). This collaborative effort among financial institutions signifies a concerted push to provide residents with innovative and secure payment solutions, fostering financial inclusivity and convenience.

In summary, the launch of the Jaywan payment card and the integration of UPI and AANI platforms underscore the commitment of both India and the UAE to fostering digital connectivity and financial collaboration. The card’s potential cost savings, convenience, and security features position it as a catalyst for advancing economic ties and technological integration between the two nations. As financial landscapes evolve, initiatives like Jaywan contribute to shaping a more interconnected and digitally advanced future for both countries.