DUBAI: Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation (UBF), affirmed that the national domestic card scheme, Jaywan, is poised to generate substantial financial savings for numerous companies and retailers across the country, amounting to AED 1 billion compared to conventional cards such as Visa and MasterCard.

During remarks made at a meeting hosted by the UAE Banks Federation in collaboration with local and international media at the Mashreq Bank headquarters in Dubai, Al Ghurair elaborated on the cost efficiency of Jaywan. He highlighted that the adoption of this system and the utilization of new cards would significantly reduce expenses for businesses. Consequently, it is anticipated to save companies and retailers between AED 600 million and AED 1 billion, factoring in pricing or discount fees relative to current card schemes.

Al Ghurair noted that banks are unable to replace more than 10 million cards simultaneously. As a result, the implementation of the Jaywan direct debit card, designed for local in-store transactions, will occur progressively. Customers will receive the new card upon renewal, ensuring a seamless transition.

Moreover, he emphasised that while customers may opt for another international card based on personal preference, the new Jaywan card will be recognized across the Gulf Cooperation Council (GCC) region and numerous other countries through bilateral agreements.