Al Maryah Community Bank
Image Credit: Supplied

Abu Dhabi: Al Maryah Community Bank has announced that as part of its participation in the launch of the local payment card system Jaywan by Al Etihad Payments, it has completed the first Point of Sale (POS) financial transaction using the new Jaywan Debit Card, the first local Emirati card in the United Arab Emirates that Mbank UAE is proud of being the first to issue.

What distinguishes the card is that it is linked to the digital Mbank Wallet, which is the UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to the local payment system, the company said.

Since its establishment, Al Maryah Community Bank has sought to serve its customers by providing them with distinguished banking services and innovative solutions, including building easy, reliable, and efficient local payment options for its customers via mobile phone. Through Mbank Wallet, the bank’s customers will be able to send, receive, request, and pay money with just a few taps, performing financial transactions locally and internationally in cooperation with Lulu Exchange. In-store purchases are carried out by scanning QR codes. Al Maryah Community Bank is currently working on developing a substantial list of well-established merchants that accept digital payments, offering customers a distinctive, unique, and effortless experience.

What distinguishes Mbank Wallet from other digital wallets is that it is the first digital wallet to issue money transfers through IBAN only, so users are not required to go through the hassle of creating a bank account. Customers can simply register with their Emirates ID and issue money transfers to and from other UAE banks via IBAN.

Mohammed Wassim Khayata, CEO of Mbank, commented: “Al Maryah Community Bank is altering the way consumers pay for their everyday purchases and transforming payments in innovative, advanced, and secured ways through mobile devices, eliminating the circulation of cash and minimizing financial risk and fraud. With this goal in mind, we have collaborated with Al Etihad Payments to launch the Jaywan Debit Card, linked to Mbank Wallet, that includes all advanced features for daily transactions, international remittance services, and an eCommerce marketplace to provide our community with consistent and trusted financial services”.

“This new Mbank Wallet, through the combination of its strategic tie-ups and solid payment infrastructure, has the potential to help develop a new global era for inclusive and accessible global payments and can transform how consumers buy products in-store and online. “Jaywan”’s launch is the first step in the many updates we will be releasing shortly, and as part of our ongoing commitment to open ecosystems, we will continue to expand on the capabilities of Mbank Wallet by working closely with our trusted partners and experts across the UAE to become the national leaders in mobile payments,” he added.

Al Maryah Community Bank is working on introducing more Mbank Wallet features such as remittances, Utility Bill Payments, E-Pay vouchers, offers linked to the Mbank ‘Lifestyle Club’, and so much more. Mbank Wallet will be ready to launch at the end of the first quarter of 2024.