UnionPay International (UPI) has signed an agreement with Al Etihad Payments (AEP) to introduce co-badge cards in the UAE, supporting the country’s vision for an inclusive payment ecosystem.
AEP is a subsidiary of the Central Bank of the United Arab Emirates (CBUAE), which operates the country’s domestic card scheme, Jaywan.
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The partnership will result in the issuance of co-badge cards that feature the logos of both Jaywan and UnionPay.
These cards will operate on Jaywan’s domestic payment network within the UAE for local transactions, while also providing access to UPI global network, which spans over 180 countries and regions.
The first batch of the co-badge cards is slated for release soon, with availability across various financial institutions in the UAE.
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.”
UPI said the collaboration further strengthens its presence in the Middle East.
UPI CEO Larry Wang added: “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.”
This move follows UPI collaboration with Bank Simpanan Nasional (BSN) to introduce the UnionPay QR payment system in Malaysia, expected to launch in the first half of this year.
