The provision of e-payment services effectively contributes to the achievement of financial inclusion and the delivery of financial services to all segments of society. Payment services are also available to the unbanked groups, to leaders, and to small entrepreneurs, as well as to the activation of the idea of e-government through the provision of success and maturation in the interests of all categories of Palestinian society and the strengthening of the national economy.
The Palestine Monetary Authority has recently licensed five companies providing e-payment services, which provide payment services through e-wallets, e-cards, and other e-payment services, with the aim of enhancing financial coverage by enabling non-bankable groups to have easy and easy access to financial services, and where the licensing of payment services companies is part of the PMA's strategic interest in moving towards e-payment and financial technology as the most effective solutions to political, financial, or health obstacles such as those that we are facing these days, reducing cash dealings and moving towards enhancing the use of electronic financial transactions.
Payment services companies provide electronic payment services tools that enable subscribers to complete their financial transactions, such as depositing and withdrawing money at any time, transferring funds to anyone in Palestine, shopping and paying the prices of purchases, and paying bills. This is done through authorized agents of these companies distributed in all cities and villages, and any citizen can benefit from the services provided by payment services companies without requiring a bank account, through easy and quick procedures where possible The citizen will subscribe to the service electronically and then visit one of the company's agents only once to complete the registration and data verification process.
E-payment tools provided by companies include points of sale, mobile financial services, prepaid cards, as well as and electronic wallets with smart devices, enabling subscribers to complete financial transactions without using cash within specific ceilings. Some banks have been given the approval to provide e-payment and e-wallet services, which have been granted to customers and non-customers, thus contributing to an increase in the percentage of users of e-payment services.
Founded in February 2018, it was licensed by the Palestine Monetary Authority in May 2020. The company aims to lead the economy of Palestinian society and transform it into a cashless economy by providing easy and convenient electronic access and channels to innovative, sophisticated, and secure electronic payment systems, as well as at a reasonable cost to all segments of Palestinian society. The company has two electronic wallet applications: one for individuals, one for businesses (traders and agents), plus a platform for online stores.
Electronic wallet services can be registered by downloading the application from the App Store, recording personal account information to activate the temporary wallet, and then turning to an agent to activate the permanent wallet. One condition for sharing a wallet is that the participant has a Palestinian identity and an effective Palestinian segment number.
The main services provided by the company include:
Transfer of funds between participants internally
Payment of bills
Pay purchases without cash and via QR
Purchase of shopping cards without the need for a bank account
Purchase of game cards and applications
PalPay was founded in 2010 in partnership with the Bank of Palestine and PCNC IT Solutions, the leading software and technology company with the aim of creating a new electronic collection system in Palestine in particular and the region in general. The main objective of PalPay is to facilitate a citizen's life by providing electronic payment channels for invoices, as well as to ship his mobile phone, pay his or her dues or pay a friend with ease and security without having to wait in line, waste time and go to the nearest collection center to pay his or her dues with the companies he/she handles. It also reduces the cost of collection for billing companies and introduces innovative new collection mechanisms that serve the interests of these companies and institutions vary significantly and provide them with cash very quickly, giving them the capacity to grow and develop.
It received an official license from the Palestinian Monetary Authority to launch its "Mahfazati" electronic wallet services during June 2020.
Middle East Payment Services Corporation (MEPS):
Founded in 2009 as a regional provider of innovative payment services, MIPS provides solutions for secure electronic payment portals and payment card protection services, as well as an integrated set of value-added services, Tailored to the market needs and growing demand for the services of this sector in the region, it is also a payment movement processor and is the exporter and provider of payment cards in Jordan, Palestine, and Iraq. It has officially launched its business in Palestine under the PMA license in 2020 to provide its services to financial institutions, retailers, and companies by facilitating the purchase movements made using credit cards, instant registration cards, and pre-paid cards through the processing of movements with all service parties, the management of ATMs, the provision of payment cards, electronic payment gate solutions, and other mobile payment services and a range of point-of-sale services.
Maalchat was licensed to provide electronic wallet services in 2020, a digital communication and payment platform that enables the user to shop, negotiate and buy, transfer and pay instantaneously through a smart wallet on smartphones.
Maalchat is a financial technology company, founded to meet the needs of community members, enable users to manage payments, and facilitate spending habits. Maalchat provides multiple services, ranging from shopping to negotiation and transaction making, as well as money transfer and ordering services, among others. Chat records are also made available to document the negotiation process, as well as to the account registry, which establishes the financial transactions carried out. Maalchat's electronic wallets: the minor's wallet, the individuals' wallet, the dealer's wallet, and the agent's wallet.
A financial services technology company based in Amman/Jordan, their solutions were established in 2011, enabling consumers in the Middle East, North Africa, and beyond to offer and pay their bills easily, comfortably, and quickly. The company was licensed to operate in Palestine by the Palestine Monetary Authority (PMA) in 2020, providing any billing service to companies and consumers alike, and absorbing billing, banks, and payment service providers through the real-time total settlement system, which promotes real-time adjustments.