Magnati, a leading payments solutions provider in the Middle East region, has partnered with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE, to power the acceptance of the newly launched Jaywan card on the payment terminals offered by Magnati to its merchants.
According to Industry sources, Jaywan is the UAE’s new national card scheme, designed to offer a convenient, secure, and efficient payment solution tailored for the country’s residents. This initiative, fully powered by the Central Bank of the UAE, aims to enhance efficiency and financial inclusion, as well as national sovereignty and control over the nationโs card payment infrastructure. Jaywan cards will soon be issued to UAE residents by licensed banks and financial institutions.
Ramana Kumar, Chief Executive Officer of Magnati, stated:ย โAt Magnati, we recognize the benefits that Jaywan Card will offer to customers and merchants. Together with Al Etihad Payments, we are delighted to extend flexibility and convenience, simplifying transactions while contributing to the national vision for a cashless and financially inclusive society.โ
Jan Pilbauer, Chief Executive Officer of Al Etihad Payments, commented:ย “The mission of Jaywan is to create a robust, secure, and inclusive payments network that caters to the diverse needs of UAE residents and businesses. Our partnership with Magnati is a vital step towards achieving AEPโs overall goal of enhancing the national payment infrastructure and promoting financial inclusion. By enabling Jaywan acceptance on Magnati’s extensive network of payment terminals, we are ensuring that residents using Jaywan cards across the UAE benefit from convenience, fast transaction processing, and strong security.”
Industry sources further added that this strategic partnership between Magnati and AEP represents another step forward in UAE’s digital payment landscape. By focusing on the acquiring and acceptance side ahead of card issuance, this partnership ensures that once the first Jaywan cards are issued, they will be immediately functional and recognized at Magnati terminals. Magnati is recognized for bringing innovative payment acceptance solutions to its more than 75,000 payment terminals used by many renowned businesses nationwide.
