Mbank Completes “Jaywan” Domestic Card Scheme IT Infrastructure & Provides the Service to Banks in the UAE
Mbank is very proud to announce that it has completed the domestic card scheme 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 United Arab Emirates. In addition, Mbank offers Mbank Wallet, a digital wallet that banks operating in the country can use to provide Jaywan Cards to their customers. As Mbank is the first and only current issuer of the Jaywan Debit Card in the UAE, it has successfully completed the first Point of Sale (POS) purchase transaction and ATM withdrawal using the card.
Jaywan, by Al Etihad Payments, is the new first Emirati Debit Card accredited by the Central Bank of the United Arab Emirates that offers customers an instant, secure, and seamless payment experience. It symbolizes the future of banking within the UAE, as it offers all UAE nationals and residents 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 currently issue Jaywan Debit Cards along with its set infrastructure to other interested banks, it is serving the local community as a whole, strengthening customer loyalty, enhancing Mbank’s strategic positioning in the financial landscape, and aiming at financial inclusion. The set plan follows the timelines set by the Central Bank of the United Arab Emirates and Al Etihad Payments, which intend 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 to customers by issuing and offering Jaywan cards locally. According to this service, the execution plan will roll out in a way that suits every individual bank’s strategy so that it meets their customers’ financial needs.
Through Open Finance, Mbank offers other banks the digital “Mbank Wallet” platform that they can use it 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 accompanied with many benefits through Aani’s payment services, where customers can enjoy instant, efficient and effortless payments through QR code, and money can be transferred or requested via phone number or email address only. 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 transfer through IBAN only, so users are not required to go through the hassle of creating 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 the 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 modest expertise in this field in the hands of banks operating in the country, with the aim of implementing the vision of Al Etihad Payments that aspires to provide the best payment and cash transfer mechanisms in the UAE”.
He added: “In order 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, whereby 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”.