The UAE has begun issuing Jaywan cards - its first homegrown payment scheme - to customers.
It follows the official launch by Sheikh Mansour bin Zayed Al Nahyan, Chairman of the Board of Directors of the Central Bank of the UAE.
Banks and licensed financial institutions have begun issuing the Jaywan cards in stages, with cardholders able to carry out online purchases and cash withdrawals.
A number of benefits and offers covering travel, retail and entertainment, have also been outlined for its users, with international payments pending approvals.
Sheikh Mansour, who also holds the positions of Vice President and Deputy Prime Minister of the UAE, said the move represents a strategic step that enhances the UAE's sovereignty over its financial infrastructure and contributes to establishing an advanced national payment system that keeps pace with the country's future aspirations and translates the wise leadership's vision of financial leadership.
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