Jaywan, Empowering Connections: Unveiling the UAE-India Payment Card Revolution
A new payment card, Jaywan, was officially launched during Indian Prime Minister Narendra Modi‘s visit to the UAE on Tuesday. This innovative card is built on India’s digital RuPay credit and debit card infrastructure, specifically tailored for the UAE market.
The collaborative efforts between the two countries extend beyond the introduction of Jaywan. They have also agreed to integrate their instant payment platforms – India’s UPI and UAE’s AANI – a move aimed at promoting wider acceptance of credit and debit RuPay cards within the UAE.
Prime Minister Modi, speaking at the launch event in Abu Dhabi, highlighted the significance of this step, marking the dawn of a new era in financial technology. He emphasized how the introduction of Jaywan and the integration of payment platforms signify a leap forward into a new FinTech era, enabling seamless and potentially life-saving medical consultations through real-time video calling.
To delve deeper into the implications of this initiative, financial industry experts Vijay Valecha, Chief Investment Officer of Century Financial, and Yusuf Mansawala, Chief Market Analyst at CPT Markets, Dubai, shed light on key aspects:
Differentiating between Jaywan and RuPay, Vijay explains that while RuPay serves as India’s digital credit and debit card infrastructure, Jaywan emerges as a new domestic payment card in the UAE, leveraging the foundation of RuPay but tailored for the local market. Transactions made with Jaywan are denominated in UAE dirhams, eliminating foreign exchange fees and currency conversion obstacles commonly encountered with RuPay.
Yusuf highlights 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. Moreover, the users can conduct transactions in local currencies without the inconvenience of currency conversion, offering significant advantages for frequent travelers.
The accessibility of Jaywan is another crucial aspect. All UAE residents with a valid Emirates ID can apply for the card, ensuring inclusivity and widespread adoption within the community.
In terms of purpose, the introduction of it aims to strengthen bilateral relations between India and the UAE, while also fostering economic cooperation and advancing the digital economy. It represents a significant stride towards integrating the payment systems of both nations, thereby facilitating seamless transactions and promoting financial inclusivity.
Furthermore, the advantages of having a Jaywan card extend beyond convenience. With potentially lower transaction costs and enhanced security features, it offers users tangible financial benefits while ensuring peace of mind in their transactions.
As for the banks offering RuPay and Jaywan, Vijay lists major Indian banks backing RuPay, including State Bank of India, ICICI Bank, HDFC Bank, among others. In the UAE, currently, four banks are offering the Jaywan card: First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Mashreq Bank, and Commercial Bank of Dubai (CBD).
The launch of it represents a significant milestone in the UAE-India partnership, heralding a new era of financial connectivity and cooperation. With its potential to streamline transactions, enhance convenience, and promote economic ties, it holds promise for both nations and their residents alike.
The launch of the this payment card during Indian Prime Minister Narendra Modi’s visit to the UAE marks a significant milestone in the digital financial landscape of the region. Developed on India’s renowned RuPay credit and debit card infrastructure, it aims to revolutionize payment methods in the UAE market, providing seamless and secure transactions for residents and visitors alike.
During the visit, both countries also solidified their commitment to enhancing financial connectivity by integrating their instant payment platforms – India’s UPI (Unified Payments Interface) and UAE’s AANI (Arab African International Bank Network). This integration is poised to promote broader acceptance of RuPay cards, facilitating smoother financial transactions across borders.
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