Mastercard has partnered with Al Etihad Payments (AEP) to launch debit and prepaid cards in the UAE.

The company said the move would facilitate a more inclusive and innovative financial landscape into the region.

AEP is a wholly owned subsidiary of the Central Bank of the UAE (CBUAE), which operates the UAE’s national card switch (UAESWITCH) and manages domestic card scheme “Jaywan”.

The Jaywan-Mastercard debit and prepaid cards aim to enable cardholders to make domestic and international payment transactions more accessible, including e-commerce transactions.

The partnership aims to broaden the payment horizon in the region and increase security and convenience.

AEP and Mastercard added that they will work closely with all market players to provide flexible solutions that enhance the payment experience for customers.

Launched in February, the Jaywan scheme seeks to boost the country's financial infrastructure and promote digital payments. It offers debit, prepaid, and credit cards, which can be used for various transactions, including ATMs, online shopping, and point-of-sale payments.

AEP said in a statement that the cards are designed to reduce dependency on international payment networks, lower transaction costs, and improve financial inclusion while supporting UAE's digital transformation goals.

J.K. Khalil, president of Mastercard's East Arabia division, said: “Our commitment to the UAE is embedded in our strategic engagements at federal and local levels, we are proud to collaborate with AEP to facilitate access to financial services and empower more people to reap the benefits of the digital economy.”

H.E. Saif Humaid Aldhaheri, assistant to the governor of the CBUAE for banking operations and support services, president of Al Etihad Payments, said that the collaboration also aims to support the UAE's broader goals of economic growth and digital transformation.

“By leveraging advanced technology through such partnership, we aim to offer our citizens and residents more convenience, security, and access to a global network of financial services,” he added.

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