The UAE-India payment will have a new debit card, Jaywan. This will not only deepen economic ties but also make payment easier for tourists. The UAE banks are said to introduce this new Jaywan debit card soon in the market; here are the details.
What Is Jaywan Debit Card, The New UAE-India Payment Method?
With India gearing up on UPI (Unified Payment Interface), UAE residents are actively using AANI, a payment interface. With the introduction of the Jaywan card, these two countries will link their payment platforms. The new Jaywan payment card was jointly introduced last week by Indian Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan.
For Indian nationals travelling to the UAE, this new card allows for real-time digital payments in rupees. It will make merchant transactions easier and faster. This is already available from Aani through eight UAE commercial banks. This facility will now be available for international trade with India.
It was announced back in February that the roll-out would start in the second quarter of 2024 and was intended for local in-store transactions. The Chairman of the UAE Banks Federation (UBF), Abdulaziz Al Ghurair, clarified why banks can’t replace 10 million cards at once. As a result, consumers who renew their cards will receive their Jaywan cards throughout the course of the next two and a half years.
Instant Payment Available For 24X7
As for the payment, any online payment will need access to a commercial bank’s electronic infrastructure. In addition to the foreign exchange transaction cost, there was a settlement delay if it required a cross-border payment, earlier. But when you use Jaywan, the transaction will be completed immediately and the appropriate ID will be obtained.
Further, all payments will be instant and available for 24 hours, regardless of holidays. However, the new payment method is not clear on the limit of transactions. But who can apply for a Jaywan card? Well, any resident with an Emirates ID can apply for the card. As for Indian tourists, they can use UPI ID for transactions.
Also Read: Dubai Has A Massive 3 Kg, Double-Decker Burger Only For AED249! Can You Finish It?
This new payment card is one step forward in the direction of blurring borders and expanding globalisation.
Cover Image Courtesy: Canva
For more such snackable content, interesting discoveries and the latest updates on food, travel and experiences in your city, download the Curly Tales App. Download HERE.