UAE to Establish Domestic Card Scheme for Strategic Independence

The United Arab Emirates (UAE) has embarked on a significant initiative to establish its own domestic card scheme aimed at promoting strategic independence from the Visa/Mastercard duopoly. This move is part of the UAE’s broader efforts to enhance its financial sovereignty and reduce reliance on international payment networks.

Collaboration and Development

The Central Bank of the UAE (CBUAE) and its subsidiary payments infrastructure provider, Al-Etihad Payments, have teamed up with NPCI International Payments Ltd (NIPL), a leading player in the development of payment networks. NIPL, known for spearheading India’s successful RuPay card scheme, brings extensive expertise and experience to this partnership. Guided by former Mastercard and Visa executive Ritesh Shukla, NIPL was established in 2020 by the National Payments Corporation of India (NPCI) to export its payment technology solutions to other countries.

The CBUAE has entrusted NIPL with the responsibility of building the foundational infrastructure, operating the Domestic Card Scheme (DCS), and providing invaluable fraud monitoring and data analysis support. Leveraging their knowledge and experience from developing the RuPay network, NIPL is well-equipped to help the UAE establish and operate its independent domestic card scheme.

The introduction of the new card scheme is planned for early 2024, indicating that the UAE is progressing with determination and efficiency in its pursuit of financial autonomy and innovative payment solutions.

Principles Guiding the DCS

The Domestic Card Scheme (DCS) solution is built on a foundation of principles that prioritize sovereignty, speed to market, innovation, digitization, and strategic independence. These principles underscore the UAE’s commitment to developing a cutting-edge payment ecosystem that meets the unique needs of its economy and consumers. Ritesh Shukla, the CEO of NIPL, emphasizes the importance of these principles in shaping the future of payment systems.

Collaboration Acknowledgement

Saif Al Dhaheri, representing the Central Bank of the UAE, expresses satisfaction with the ongoing collaboration with India and the chosen partners for this ambitious venture. This collaboration builds on the strong ties between the UAE and India and reflects their shared commitment to technological innovation and financial independence.

Innovation Fund

In addition to establishing the domestic card scheme, plans are underway to create an innovation fund to support payment systems in both India and the UAE. This fund will drive research and development (R&D), fostering the capabilities of UAE citizens to effectively manage the DCS and stay at the forefront of emerging payment technologies. The innovation fund will enable collaboration and knowledge exchange between the UAE and India, further strengthening their strategic partnership.

Introduction of Aani – Instant Payments Platform

In another remarkable development, the UAE’s Central Bank has recently launched Aani, an instant payments platform. Aani enables consumers to split bills and transfer money seamlessly using just phone numbers. As the UAE becomes increasingly digitally savvy, this new platform caters to the evolving needs of consumers and businesses alike. Initially, eight national banks are participating in the launch, with the rest of the country’s financial institutions expected to join later this year.

The UAE’s endeavor to establish its domestic card scheme marks an important milestone in its journey towards financial autonomy and strategic independence. Through collaboration with NIPL and the launch of innovative initiatives like Aani, the UAE is embracing the future of payments, fostering innovation, and cementing its position as a global fintech hub. With this forward-thinking approach, the UAE aims to build a robust and resilient payment ecosystem that can effectively support its thriving economy and offer its citizens secure, convenient, and cutting-edge payment solutions.

Explore more

How Firm Size Shapes Embedded Finance Strategy

The rapid transformation of mundane business platforms into sophisticated financial ecosystems has effectively redrawn the competitive boundaries for companies operating in the modern economy. In this environment, the integration of banking, payments, and lending services directly into a non-financial company’s digital interface is no longer a luxury for the avant-garde but a baseline requirement for economic viability. Whether a company

What Is Embedded Finance vs. BaaS in the 2026 Landscape?

The modern consumer no longer wakes up with the intention of visiting a bank, because the very concept of a financial institution has migrated from a physical storefront into the digital oxygen of everyday life. This transformation marks the definitive end of banking as a standalone chore, replacing it with a fluid experience where capital management is an invisible byproduct

How Can Payroll Analytics Improve Government Efficiency?

While the hum of a government office often suggests a routine of paperwork and protocol, the digital pulses within its payroll systems represent the heartbeat of a nation’s economic stability. In many public administrations, payroll data is viewed as little more than a digital receipt—a record of transactions that concludes once a salary reaches a bank account. Yet, this information

Global RPA Market to Hit $50 Billion by 2033 as AI Adoption Surges

The quiet hum of high-speed data processing has replaced the frantic clicking of keyboards in modern back offices, marking a permanent shift in how global businesses manage their most critical internal operations. This transition is not merely about speed; it is about the fundamental transformation of human-led workflows into self-sustaining digital systems. As organizations move deeper into the current decade,

New AGILE Framework to Guide AI in Canada’s Financial Sector

The quiet hum of servers across Canada’s financial heartland now dictates more than just basic transactions; it increasingly determines who qualifies for a mortgage or how a retirement fund reacts to global volatility. As algorithms transition from the shadows of back-office automation to the forefront of consumer-facing decisions, the stakes for oversight have never been higher. The findings from the