Residents of the United Arab Emirates (UAE) will soon have expanded payment options with the introduction of co-badged Jaywan cards as Al Etihad Payments (AEP) has entered agreements with Mastercard and UnionPay.

AEP, a subsidiary of the Central Bank of the UAE (CBUAE), manages the UAE's national card switch, UAESWITCH, and oversees the Jaywan domestic card scheme.

On a recent announcement, AEP detailed a partnership with Mastercard aimed at launching the 'Jaywan - Mastercard' co-badged debit and prepaid cards, designed for both local transactions and e-commerce payments within the UAE.

Saif Humaid Aldhaheri, assistant governor for banking operations and support services at the Central Bank and chairman of Al Etihad Payments, stated that the collaboration aims to enhance convenience, security, and access to a broad range of financial services for citizens and residents.

Aldhaheri added that this initiative supports the UAE's objectives of economic growth and digital transformation.

Furthermore, AEP has also formalized a deal with UnionPay International to introduce 'UnionPay – Jaywan' co-badged cards, which will utilize Jaywan's domestic payment network.

This development will facilitate seamless local transactions within the UAE, while internationally, cardholders will benefit from UnionPay's extensive reach in over 180 countries and regions.

Aldhaheri emphasized that the integration between the Jaywan and UnionPay networks provides a comprehensive card solution for users.

Larry Wang, CEO of UnionPay International, highlighted that this agreement enhances the security and convenience of payments, ensuring a smooth domestic and international payment experience for UAE residents.

The rollout of the first batch of these co-badged cards is expected to occur shortly, with availability across various financial institutions within the UAE.

In addition to the co-badged cards, financial institutions in the UAE will also offer mono-badge Jaywan cards for local usage and for transactions across Gulf Cooperation Council (GCC) countries.

Moreover, AEP recently secured an alliance with Visa to introduce another co-badged card, permitting UAE customers to complete payments both domestically and at more than 150 million merchant partners globally, spanning over 200 countries and territories.

These collaborations underscore AEP's commitment to enhancing the payment landscape in the UAE, leveraging partnerships to provide residents with improved access to financial services.