Fintech startup In-Solutions Global (ISG), supported by JP Morgan, has joined forces with Bank of Baroda UAE to introduce Jaywan Cards in the United Arab Emirates.
This partnership underscores ISG’s mission to provide “localized, secure, and cost-efficient payment solutions for both banks and consumers in the area.”
The launch of Jaywan Cards is set to improve merchant acceptance by delivering “lower costs and fees, enhanced transaction controls, and a fully digitized payment and reporting environment.”
This initiative aims to provide a more streamlined and appealing option “for the payments ecosystem in the UAE.”
The Jaywan Scheme operates under established guidelines, ensuring that transactions adhere to the highest security and regulatory standards. The Jaywan Card is designed to simplify financial transactions utilizing the UAE’s domestic card network.
As the card service provider, ISG is committed to ensuring “high acceptance rates across a range of merchant categories in the UAE, including retail, hospitality, and e-commerce.”
Jaywan Cards promise lower transaction fees and “decrease dependence on foreign card networks by facilitating optimized domestic payment processing.”
Moreover, they aim to promote financial inclusion by “encouraging a transition from cash to digital payment systems.”
These cards also guarantee enhanced “security and complete regulatory compliance in accordance with the framework established by the Central Bank of the UAE (CBUAE).”
Praveen Balusu, SVP – Product & Delivery at ISG, remarked:
“ISG is honored to lead fintech advancements in the UAE. By enabling comprehensive Jaywan card issuance, we are assisting regional banks and financial institutions in adopting a fully localized payment system that is both efficient and scalable. In the future, Jaywan’s compatibility with RuPay will also facilitate a seamless cross-border experience, which could be transformative for businesses and consumers.”
ISG has established itself as a reliable partner for prominent banks “across the UAE and Saudi Arabia, offering settlement and reconciliation services.”
The company’s expertise in domestic payment processing “ensures smooth Jaywan implementation, allowing banks like Bank of Baroda, UAE to provide innovative and cost-effective solutions to their clients.”
Philip Glickman, Managing Director, International at ISG, stated:
“This collaboration highlights ISG’s commitment to shaping the future of payments in the UAE. By providing comprehensive customization for Jaywan cards and related operations, we are not only enhancing operational efficiency for our partners but also contributing to a more self-sufficient and secure payments landscape. The localization and affordability of Jaywan position it as a key player in transforming the region’s financial environment.”