Al Etihad Payments, a subsidiary of the Central Bank of the UAE, has entered into a partnership with Mastercard to introduce the Jaywan co-branded credit card in the UAE. This collaboration not only marks a significant addition to the UAE's financial landscape but also includes the establishment of a dedicated Mastercard operations center within the country. The Jaywan card will leverage Mastercard’s extensive international network, ensuring global acceptance and facilitating seamless transactions for users both domestically and internationally.
The agreement encompasses the development of local infrastructure aimed at improving the switching and processing of card payment transactions. A dedicated node will be integrated within Mastercard's global network to further enhance operational efficiency. Additionally, Mastercard will implement advanced payment systems to support the Jaywan card, which includes debit, prepaid, and credit options, along with robust cybersecurity and fraud prevention measures.
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, emphasized that this initiative combines national infrastructure with global innovation, reinforcing the UAE's financial sovereignty and resilience. Dr. Dimitrios Dosis, President of EEMEA at Mastercard, noted that this milestone is a testament to the ongoing collaboration that aims to bolster trade, tourism, and commerce in the region as Mastercard celebrates its 40th anniversary in the UAE.
The agreement encompasses the development of local infrastructure aimed at improving the switching and processing of card payment transactions. A dedicated node will be integrated within Mastercard's global network to further enhance operational efficiency. Additionally, Mastercard will implement advanced payment systems to support the Jaywan card, which includes debit, prepaid, and credit options, along with robust cybersecurity and fraud prevention measures.
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, emphasized that this initiative combines national infrastructure with global innovation, reinforcing the UAE's financial sovereignty and resilience. Dr. Dimitrios Dosis, President of EEMEA at Mastercard, noted that this milestone is a testament to the ongoing collaboration that aims to bolster trade, tourism, and commerce in the region as Mastercard celebrates its 40th anniversary in the UAE.
Source: Fintech News ME
