New UAE-India payment card "Jaywan" explained for residents

Amid Indian Prime Minister Narendra Modi's visit to the UAE, the official unveiling of the Jaywan payment card signifies a significant development in the region's financial landscape.

Utilizing India's established RuPay credit and debit card infrastructure, Jaywan aims to transform payment methods within the UAE market, offering seamless and secure transactions for residents and visitors.

Beyond the introduction of Jaywan, the collaborative efforts between the two nations extend to integrating their instant payment platforms—India's UPI and UAE's AANI. This strategic move is designed to promote broader acceptance of RuPay cards, facilitate smoother financial transactions across borders, and foster financial connectivity.

Prime Minister Modi, speaking at the launch event in Abu Dhabi, emphasized the groundbreaking nature of this initiative, marking the advent of a new era in financial technology. He highlighted how the introduction of Jaywan and the integration of payment platforms represent a significant leap forward, enabling seamless and potentially life-saving medical consultations through real-time video calling.

To provide further insights into this initiative, financial industry experts Vijay Valecha and Yusuf Mansawala elaborated on key aspects. Vijay clarified the distinction between Jaywan and RuPay, emphasizing that while RuPay serves as India's digital credit and debit card infrastructure, Jaywan emerges as a tailored domestic payment card in the UAE market. Transactions with Jaywan are conducted in UAE dirhams, eliminating foreign exchange fees and currency conversion hurdles associated with RuPay.

Yusuf highlighted the advantages of Jaywan for UAE residents, particularly Indian expatriates, emphasizing its role in mitigating currency risks and enhancing travel between the two nations. Additionally, he underscored the convenience of conducting transactions in local currencies, offering significant benefits for frequent travelers.

The launch of Jaywan represents a significant stride in strengthening bilateral relations between India and the UAE, fostering economic cooperation, and advancing the digital economy. With its potential to streamline transactions, enhance convenience, and promote financial inclusivity, Jaywan holds promise for both nations and their residents alike.

Furthermore, Vijay outlined major Indian banks supporting RuPay while noting that four UAE banks currently offer the Jaywan card, including First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Mashreq Bank, and Commercial Bank of Dubai (CBD). This launch signifies a significant milestone in the UAE-India partnership, heralding a new era of financial connectivity and cooperation.

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