Jaywan: new digital payment for UAE-India transactions
A new payment card, Jaywan, was launched during Indian Prime Minister Narendra Modi’s visit to the UAE (pictured above). Built on India’s digital RuPay credit and debit card stack, Jaywan is specifically tailored for the UAE market.
This marks a significant move to strengthen financial ties between India and the United Arab Emirates.
RuPay, introduced by the National Payments Corporation of India, serves as India’s digital credit and debit card infrastructure. It is akin to the Indian equivalent of Visa or Mastercard, designed to realize the vision of the Reserve Bank of India (RBI) to establish a domestic, open, and multilateral payment system. Jaywan, on the other hand, emerges as the latest domestic payment card in the UAE, crafted upon the foundation of India’s RuPay. Transactions conducted with Jaywan are denominated in UAE dirhams, thereby eliminating any foreign exchange fees and currency conversion obstacles commonly encountered when using RuPay for international transactions, as RuPay operates in Indian rupees.
The two countries also agreed to link their instant payment platforms – India’s UPI and UAE’s AANI. This agreement will promote a wider acceptance of credit and debit RuPay cards in the country. As India’s Minister of Commerce and Industry Piyush Goyal said, the linked domestic card system will mitigate currency risks and enhance travel between the two nations. RuPay cards from India are usable in the UAE, and Jaywan cards from the UAE are functional in India. This eliminates the necessity for individuals traveling between India and the UAE to carry large amounts of cash or numerous plastic cards, as having a Jaywan card is sufficient. Furthermore, Jaywan card users can conduct transactions in local currencies without the inconvenience of currency conversion, providing significant advantages for frequent travellers.
Jaywan: revolutionizing transactions
The Jaywan card provides comparable functionalities to other local cards in the UAE, like the Emirates NBD Classic Card and the Dubai Islamic Bank Classic Card. Notably, it distinguishes itself by its integration with the RuPay network, potentially providing broader acceptance in the future, especially for cross-border transactions involving India.
All UAE residents with a valid Emirates ID can apply for a Jaywan card. The introduction of such a unified payment system between both nations is to strengthen the existing relations between both countries. Furthermore, it paves the way for increased investment cooperation in the digital infrastructure sector. The card’s introduction is a step toward boosting the digital economy and fostering economic ties. With approximately 3.89 million Indians in the UAE, accounting for about 37.96 per cent of the UAE population, the launch of Jaywan marks a significant milestone in the financial technology cooperation between India and the UAE.
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