Al Etihad Payments (AEP), a wholly owned subsidiary of the Central Bank of the United Arab Emirates (CBUAE), which operates the UAE’s national card switch (UAESWITCH) and manages domestic card scheme “Jaywan”, and UnionPay International (UPI), a global leader in payment solutions, have signed a strategic agreement to launch co-badge “UnionPay – Jaywan” cards in the UAE market.
The signing ceremony took place at UnionPay International’s headquarters in Shanghai, with H.E. Saif Al Dhaheri, the CBUAE’s Assistant Governor for Banking Operations and Support Services, Chairman of AEP, and Mr. Larry Wang, CEO of UPI, officially endorsing the partnership.
This collaboration marks a transformative milestone in the UAE’s evolving payment’s landscape, enabling the issuance of co-badge cards featuring both the Jaywan and UnionPay logos. Under this agreement, the co-badge cards will operate on Jaywan’s domestic payment network within the UAE, ensuring seamless local transactions. Internationally, the cardholders will benefit from the extensive UnionPay network, enabling effortless transactions across more than 180 countries and regions.
H.E Saif Humaid Aldhaheri, the CBUAE’s Assistant Governor for Banking Operations and Support Services, Chairman of AEP, said: “Our collaboration with UnionPay International aligns with our commitment to providing innovative and efficient payment solutions. By integrating the Jaywan and UnionPay networks, we are offering a premium card solution that enables consumers to make seamless payment transactions within and beyond the UAE.”
“We are delighted to partner with Al Etihad Payments to support the UAE’s vision for a robust and inclusive payment ecosystem,” said Larry Wang, CEO of UnionPay International. “This co-badge agreement will enhance the convenience and security of payments for UAE residents, ensuring a seamless domestic and international payment experience. Moreover, this partnership underscores the strong commitment and deep-rooted friendship between China and the UAE, fostering greater economic and financial collaboration between our nations.”
The Co-badge cards are expected to enhance financial inclusion, provide a secure and efficient payment alternative, and support the UAE’s ambition to modernize its payments infrastructure. The partnership further strengthens UnionPay’s presence in the Middle East and reinforces AEP’s leadership in developing the UAE’s national payment systems.
The agreement represents a shared commitment to advancing digital payments and financial connectivity in the region. The first batch of the co-badge cards will be issued in the near future with widespread availability across the UAE’s financial institutions.