Botim, the UAE fintech platform with more than 8.5 million users in the country, has launched the Botim One Jaywan Prepaid Card, becoming the first fintech in the UAE to issue a prepaid card under Jaywan, the national card scheme, the company said on Wednesday.
The first phase is expected to reach more than 200,000 workers through Botim’s corporate payroll clients and partnerships with exchange houses, TradeArabia reported. Botim aims to extend access to up to 4 million workers across the UAE, according to Fintech Gate.
Jaywan is operated by Al Etihad Payments, a subsidiary of the Central Bank of the UAE. The scheme routes and processes domestic card transactions inside the country and works at point-of-sale terminals and online.
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Botim is accredited by the Ministry of Human Resources and Emiratisation to provide services under the Wages Protection System, the UAE’s digital salary payment framework. Employers can pay salaries through Botim, and employees can then spend with the card in shops and online.
About 65% of Botim’s fintech users are blue-collar workers and a further 31% work in grey-collar jobs, the company said. The card has no minimum salary or minimum balance requirement.
Cardholders can send money to more than 170 international destinations and buy fractional gold and silver from AED10. Eligible customers can also access credit products.
Dr. Tariq BinHendi, Chief Executive Officer of Botim, said Jaywan “marks an important step in strengthening the country’s payments ecosystem, supporting financial inclusion and advancing the UAE’s digital transformation.”
Andrea Cianchetti, Chief Products Officer at Al Etihad Payments, said the launch advances the expansion of the domestic card scheme. He said more banks, fintechs and regulated institutions issuing Jaywan products would help the scheme reach more customer groups.
