A new domestic payment card has been launched in the UAE. Called Jaywan and built on India’s digital RuPay credit and debit card stack, it was introduced by the President Sheikh Mohamed and Indian Prime Minister Modi on Tuesday.
In a video, the UAE President can be seen presented with a personalised card and using it to make a transaction.
The launch follows the inking of several bilateral agreements between the two countries on Tuesday, including the interlinking of instant payment platforms.
Watch the video below:
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What is RuPay?
The RuPay card is the Indian equivalent of Mastercard or Visa. Billed as a highly secure indigenous system, it is widely accepted across India with more than 750 million cards reportedly in circulation.
Explaining the benefits of the partnership last year, India’s Minister of Commerce and Industry Piyush Goyal spoke of how the interlinked domestic card system would reduce exchange risks and boost travel between the two countries. UAE cards can be used in India, while RuPay cards issued in India can be used in the Emirates. What’s more, all transactions will be carried out in local currencies.
Other deals inked
Some of the other bilateral agreements announced include the interlinking of India’s UPI and UAE’s ‘Aani’ payment systems to facilitate seamless cross-border transactions between the two countries. Aani includes a convenient feature that allows users to transfer money immediately using only the recipient’s phone number. (See here for more details.)
The leaders also discussed the strengthening of energy partnerships. They appreciated that, in addition to the UAE being among the largest sources of crude and LPG, India is now entering into long-term contracts for LNG.
PM Modi is in town on a two-day visit ahead of the opening of the BAPS Hindu Mandir temple in Abu Dhabi on February 14.