April 28, 2020 - Palestine Monetary Authority issued today instructions to operate and provide electronic payment services, which include both e-wallet and prepaid cards.
The instructions are aimed at controlling the work and regulation of the provision of electronic payment services in Palestine, particularly the electronic wallet and payment cards services, which will be launched after the completion of the license of the first electronic payment services companies in Palestine, which will launch their services soon, and that work is underway to license other companies in the coming period.
Payment service companies, licensed by Palestine Monetary Authority, will provide electronic payment service tools that enable subscribers to complete their financial transactions, such as depositing and withdrawing money at any time, transferring money to anyone in Palestine, shopping, paying for purchases, and paying bills. This will be done through authorized agents of these companies spread across the governorates, cities and villages of the country. Any citizen can benefit from the services provided by payment services companies without requiring a bank account, with easy and quick procedures where the citizen can subscribe electronically to the service and then visit one of the company's agents only once to complete the registration and data verification process.
They include electronic payment tools provided by companies on point of sale, mobile financial services, prepaid cards, as well as an electronic wallet that is loaded onto smart devices and enables subscribers to complete their financial transactions without using cash within specified ceilings.
His Excellency the Governor of Palestine Monetary Authority Mr. Azzam Shawa confirmed that the work of electronic payment services companies would be subject to intensive supervision and control of Palestine Monetary Authority in order to ensure the highest degree of security, transparency and effectiveness, through specialized teams that will monitor the application of the best international standards related to electronic payment services.
Mr. Shawwa explained that the licensing of payment services companies came within the framework of Palestine Monetary Authority's strategic interest in the shift towards electronic payment methods and financial technology as they are the most effective solutions in the face of political and financial obstacles, or health like the one we are experiencing these days, and we have to reduce the dealing of cash and move to promote the use of electronic means to carry out financial transactions.
The Governor pointed out that the provision of electronic payment services would contribute effectively to the achievement of financial inclusion, and the delivery of financial services to all segments of society, as well as would provide payment services to groups that do not have bank accounts, entrepreneurs and small businesses, as well as activating the idea of e-government by providing the ingredients for its success and development in order to serve the Palestinian society in all its categories and promote the national economy.