Al Etihad Payments’ Post

Another step towards bringing in financial inclusion!

#Jaywan is the UAE’s first national domestic card program, designed to enhance financial inclusion and lower payment costs in the country. Owned and operated by #Al_Etihad_Payments, a subsidiary of the #UAE_Central_Bank, this initiative is the latest addition to Al Etihad Payments' digital platforms. Its goals include fostering the growth of e-commerce and digital transactions in the UAE, expanding payment options, boosting the country's competitiveness, and positioning the UAE as a global leader in payments. https://lnkd.in/dFNEpfUz

The UAE has introduced Jaywan, its first national domestic card scheme, aimed at boosting financial inclusion and reducing payment costs. Operated by Al Etihad Payments, Jaywan will enhance e-commerce and digital transactions, offering secure, seamless, and cost-effective payment options. Expected to roll out by the end of June 2024, it promises significant benefits like merchant discounts and international remittance perks. This initiative is a significant step towards democratizing payments and ensuring broader access to financial services across the UAE. By lowering transaction costs and providing greater security, Jaywan will empower small businesses and consumers alike, fostering a more inclusive economy. This aligns with the UAE's broader vision of embracing digital transformation and enhancing economic resilience. Furthermore, the introduction of Jaywan is poised to strengthen the country’s financial infrastructure, supporting the growing e-commerce sector and facilitating easier international remittances. It reflects the UAE's commitment to innovation and its proactive approach to adapting to global financial trends. #FinTech #DigitalPayments #FinancialInclusion #UAEInnovation #Ecommerce #BankingRevolution #JaywanCard #AlEtihadPayments #UAEFinance The National News Al Etihad Payments Central Bank of The UAE

🔥 The Future of Digital Payments Has Arrived in the UAE! 🔥 🇦🇪 Al Etihad Payments, a beacon under the Central Bank of The UAE, has unveiled Aani - The Instant Payment platform to revolutionize the #UAE's digital payment landscape. 📲💸 Imagine transferring money instantly using just a phone number! 📞💡 With features like Request Money, Split Bills, and QR code support for seamless merchant transactions, Aani is not just a platform; it's the future of digital payments. 🌐🔗 Renowned financial institutions like Abu Dhabi Commercial Bank, Emirates NBD, Mashreq al-Arabi Bank, and more are joining the movement. And guess what? This is just the beginning! 🌟📈 Aani isn't just about transactions; it's a testament to the UAE's vision of becoming a global digital payment hub. Saif Humaid Al Dhaheri, Chairman of Al Etihad Payments, states that #Aani is a "catalyst for economic growth, innovation, and financial inclusion." 🌍🚀 More details: 🔗 The Paypers: https://lnkd.in/eqW5Ymtd 🔗 Gulf News: https://lnkd.in/eMq7USaa 👉 Want to learn more? Drop a comment below or DM me for insights on how Aani can transform your payment experiences! 👈

Al Etihad Payments has launched Aani, a new payments platform supporting #financialInclusion in the UAE. 🔑 ‘Aani enables licensed financial institutions (LFIs) and payment service providers to offer customers an exceptional user experience.’ 🔑 ‘Aani includes a suite of convenient features allowing users to transfer money instantly using only the recipient’s phone number, request money, split bills facilitating hassle-free and cashless payments at merchants. Additional functionalities will be introduced in the near future such as real-time direct debit and e-checks.’ 💸 ‘The launch involves participation from eight licensed financial institutions: Abu Dhabi Commercial Bank, Al Fardan Exchange L.L.C., Emirates NBD, Finance House, First Abu Dhabi Bank (FAB), Habib Bank AG Zurich, Mashreq al-Arabi Bank and National Bank of Fujairah.’ 🗞️By Thomas Bleach The Fintech Times https://lnkd.in/enhGuxaU 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀 Jan Pilbauer I Andrew McCormack I Ashwin Gedam I Muhammad Qasim I Vikas Anand I Manish Baser … #fintech #financialservices #underserved #financialinclusion #uae #payments #paytech #money

With the UAE 🇦🇪 launching Jaywan this month, we get a lot of questions about why cards can be really difficult to accept in the Middle East as an international business… here’s why 👇🏻 Many countries in the region create their own card schemes, independent of Visa & Mastercard… 🇸🇦 Saudi Arabia (KSA) created mada. Over 96% of all Saudi cards are issued on the mada network. 🇴🇲 Oman created OmNet. 🇰🇼 Kuwait created K-Net. ��🇪 United Arab Emirates (UAE) is creating Jaywan. 🇪🇬 Egypt created MEEZA. These schemes are great locally, but can have some painful side effects internationally: 📈 These domestic schemes are connected to the Mastercard and Visa switches for international payments (so if you use your mada card abroad it can still be accepted) - this means acquiring payments using a usual Mastercard or Visa rail, even locally, will always incur international fees. ❌ Cross border can be nearly impossible. Acquiring a local payment on mada is simple, but then remitting those funds out of the country is not permitted. So complex work arounds are needed to acquire a local payment as part of a cross border transaction. So why do these schemes exist? 🛡️ Consumer protection. 📉 Lower acquiring fees locally. 📋 Increased oversight from regulators and governments. The UAE, through Al Etihad Payments, has built Jaywan with all of this in mind and has eliminated a lot of the cross border pain. It’s a great example of a National Payment Scheme that has skipped a lot of the learning phases that it’s neighbours have gone through. Generally these schemes are a force for good for local residents but they are the most common pain point that we hear at Fuse Finance from customers that tried to expand quickly to the region. #payments #middleeast #jaywan

In this interview with Al Etihad Payments’ CEO, Jan Pilbauer, we delve into the company's key initiatives including the #Aani instant payment platform and the upcoming Jaywan domestic card scheme, highlighting their significance for #SMEs in the UAE. Click here to read the complete story: https://shorturl.at/N8UCh #sme10x #digitalfinance #digitalpayments #fintech #uaenews

The UAE's first national domestic card, the Jaywan card, will be launched by the end of June. This initiative, led by Al Etihad Payments, aims to enhance e-commerce, digital transactions, and financial inclusion in the UAE. The Jaywan card will offer numerous benefits, including lower costs, greater security, and merchant discounts. It’s a significant step towards a more digitalized and interconnected financial landscape in the region. #UAE #JaywanCard #Fintech #DigitalPayments #FinancialInclusion #Ecommerce #Banking #FintechInnovation #UAEFinance #GlobalPayments #DigitalEconomy #FintechNews #DigitalTransformation #CashlessSociety #EconomicGrowth

INDIA & UAE 🇮🇳🇦🇪 #UPI payments will now be available in UAE, as the National Payments Corporation Of India (NPCI) partnered with Network International (network), a major player in digital commerce across the Middle East & Africa : QR code-based payments via Network’s POS terminals in the UAE. More info⬇️ #fintech #fintechnews #npci

🌟Introducing Jaywan: the Future of Card Payments in the UAE 🇦🇪💳 Earlier in October 2023, Al Etihad Payments (AEP), a subsidiary of the Central Bank of The UAE signed a collaboration agreement with NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation Of India (NPCI), to advance the development of the UAE’s first national Domestic Card Scheme (DCS). True to its words, during Indian Prime Minister Narendra Modi's visit to the UAE, AEP launched UAE’s first national Domestic Card Scheme #Jaywan, built on India’s digital RuPay credit and debit card stack for the UAE market. Commencing from Q2 2024, banks and financial institutions in the UAE will begin issuing Jaywan debit cards. With a strategic rollout plan spanning 2 years, Jaywan is poised to become the preferred payment method for consumers and businesses alike. Drawing insights from successful domestic card schemes like #RuPay in India, #Elo in Brazil, #mada in KSA and #Mir in Russia, Jaywan is designed to enhance efficiency, security, and affordability in payment transactions. The introduction of Jaywan serves 2 primary objectives crucial for economic vitality: 1) A national sovereign payment scheme is essential for economic health and transaction processing. By exerting control over the payment system, the UAE ensures #resilience, #sovereignty, and #stability in financial operations, vital for small and medium businesses reliant on seamless payment processing. 2) By managing payment costs over time, Jaywan empowers the UAE to deliver tangible benefits to both consumers and merchants. With enhanced #control, #efficiency, and #affordability, Jaywan fosters a conducive environment for economic growth and prosperity. Moreover, the interoperability of Jaywan extends beyond the UAE, facilitating #crossbordertransactions and bolstering trade relations, particularly with India. As electronic linkages are established, Jaywan will unlock new avenues for commerce and collaboration, further amplifying its value proposition. This monumental development isn't just about innovation; it's about #empowering UAE #merchants to thrive in an increasingly dynamic marketplace. With Jaywan, merchants gain access to a robust payment ecosystem that not only enhances transaction efficiency and security but also reduces operational costs. You can read more about Jaywan at https://lnkd.in/dHugbQnK Don't miss out on this transformative journey - seize the opportunity with Jaywan and #revolutionize the way you do #business in the UAE! #AlEtihadPayments #PaymentInnovation #cardpayments #CBUAE #UAE #India #NPCI #MerchantBenefits #EconomicGrowth Jan Pilbauer, Andrew McCormack, Ramana Kumar A, Nandan Mer, Vibhor Mundhada, Magnati, Network International, Mashreq NEO, Visa, Mastercard, First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank, Fintech Tuesdays, AW Rostamani Group, Khaleej Times