Central Banking

PMA launches instant payments amid Gaza cash shortage

Instant payments rolled out as most banks in Gaza have suffered “partial or total destruction”

Israel-Palestine on map

The Palestine Monetary Authority (PMA) rolled out an instant payment system on May 8 to counter a “severe shortage of cash liquidity” in Gaza.

The I Buraq system will allow people to send and receive payments for free, using mobile banking apps. The system settles domestic payments between banks and payment service providers instantly, around the clock.

“This decision aims to facilitate salary disbursement procedures for employees of international organisations and employees in the public and

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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