Abu Dhabi: Al Maryah Community Bank (Mbank), a digital bank in the UAE, announced that it has completed the IT infrastructure for the local "Jaywan" Debit Card and is ready to provide it to interested banks under the leadership of the Central Bank of the UAE, according to a media release. Additionally, Mbank offers the Mbank Wallet, a digital wallet that banks operating in the country can use to provide Jaywan Cards to their customers. As the first and only current issuer of the Jaywan Debit Card in the UAE, Mbank has successfully completed the first Point of Sale (POS) purchase transaction and ATM withdrawal using the card.
Jaywan, developed by Al Etihad Payments, is the first Emirati Debit Card accredited by the Central Bank of the UAE. It offers customers an instant, secure, and seamless payment experience. Jaywan symbolizes the future of banking within the UAE by providing all UAE nationals and residents with a simplified, effortless, and accessible financial experience, promoting financial inclusivity and steering the UAE towards a more cashless future.
Since Mbank is the first bank in the UAE to issue Jaywan Debit Cards and provide the infrastructure to other interested banks, it serves the local community, strengthens customer loyalty, enhances Mbank’s strategic positioning in the financial landscape, and aims at financial inclusion. The plan follows the timelines set by the Central Bank of the UAE and Al Etihad Payments, intending for the card to be an addition to the already existing 10 million-plus debit cards in the UAE market in the upcoming two and a half years. The goal is to add more convenience for customers by issuing and offering Jaywan cards locally. This service will be rolled out in a way that suits each bank’s strategy to meet their customers’ financial needs.
Through Open Finance, Mbank offers other banks the digital "Mbank Wallet" platform, which they can use to provide Jaywan Cards to their customers. Using Mbank Wallet, customers can enjoy all payment services via the application and proceed with their physical payment transactions using the Jaywan Card itself.
Mbank Wallet is the UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to the local payment system. The Mbank Wallet offers a new payment experience with many benefits through Aani’s payment services, allowing customers to enjoy instant, efficient, and effortless payments through QR codes, and enabling money transfers or requests via phone number or email address. Through Mbank Wallet, 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. Mbank Wallet offers customers a distinctive, unique, and effortless digital payments experience, as it is the first digital wallet to issue money transfers through IBAN only, so users are not required to create a bank account.
Mohammed Wassim Khayata, CEO of Mbank, commented: “We are very proud to be the pioneers in rolling out the domestic card scheme IT infrastructure for local Debit Cards, in line with the Central Bank of the United Arab Emirates’ timeline and plan of execution. We have developed a plan to implement the new generation of the Jaywan system for nationals and residents of the UAE, and we are pleased to put our expertise in this field in the hands of banks operating in the country, with the aim of implementing the vision of Al Etihad Payments, which aspires to provide the best payment and cash transfer mechanisms in the UAE.”
He added: “To enable corporate and individual customers to financially plan their expenses and properly manage their savings, we have linked this card to a digital wallet listed on the Apple Store and Google Play Store under the name Mwallet AE, where anyone can download and open a digital account instantaneously while obtaining an IBAN. Moreover, this wallet is supported by other services such as international transfers and other distinguished financial services.”
