Central Banking

Palestine Monetary Authority launches new payment system

Bethlehem, West Bank, Palestine
Dennis Jarvis

The Palestine Monetary Authority has launched a new payments system that allows central clearing of all point-of-sale (PoS) transactions in Palestine.

PMA governor Feras Milhem said the new system should help to cut costs and increase the use of electronic payments. The authority has also cut commissions on PoS transactions from more than 3% to a maximum of 0.5% of the transaction value.

The PMA hopes to boost competition in payments and says it has allowed new providers to enter the market

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