UAE President, PM Modi launch new UAE domestic payment card, powered by RuPay

A new domestic payment card has been launched in the UAE, named Jaywan, which is built on India’s digital RuPay credit and debit card stack.

This initiative was introduced by President Sheikh Mohamed and Indian Prime Minister Narendra Modi on Tuesday. The launch event featured a demonstration where the UAE President was presented with a personalized card and made a transaction using it. This introduction coincided with the signing of several bilateral agreements between the two countries, which included the interlinking of instant payment platforms.

The RuPay card, often likened to global brands like Mastercard or Visa, is known for its robust security measures and extensive acceptance within India, boasting over 750 million cards in circulation. The collaboration between the UAE and India in implementing this interconnected domestic card system aims to mitigate exchange risks and facilitate travel between the two countries.

Notably, the initiative enables UAE-issued cards to be used in India and RuPay cards from India to be utilized in the Emirates, with all transactions conducted in local currencies.

Among the various agreements reached, the integration of India's UPI and UAE's 'Aani' payment systems stands out as a significant milestone, streamlining cross-border transactions. Aani offers a convenient feature enabling instantaneous money transfers using only the recipient's phone number.

Additionally, discussions between the leaders focused on fortifying energy partnerships, recognizing the UAE as a key source of crude oil and LPG, while India is increasingly engaging in long-term LNG contracts.

Preceding the February 14 opening of the BAPS Hindu Mandir temple in Abu Dhabi, Prime Minister Modi's visit to the UAE highlights the importance of cultural and diplomatic exchanges between the two nations.

The visit and the inauguration of Jaywan underscore the strengthening of the UAE-Indian relationship, which is evident in the growing cultural exchanges, mutual collaboration, and technical linkages between the two countries. The partnership between the two nations is growing stronger, and projects like Jaywan are paving the way for more ease of travel and better communication for companies and individuals.

Read also: Emirates Airlines resumes its flights to the Australian city of Adelaide

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