Regulatory Alerts2021-01-01
Instructions No. 4 Regarding Payment Service Companies Providing Prepaid Payment Card Issuance Services
The Palestine Monetary Authority issued Instructions No. 4 of 2021 to securely and transparently regulate prepaid payment card issuance services by licensed payment service companies. The directive classifies cards into open, semi-closed, and closed categories, mandates compliance with EMV standards, and sets specific operational limits, including a $200 maximum stored value for closed cards and strict refund and expiration protocols. It repeals Instructions No. 2 of 2020 and requires all competent authorities to enforce these provisions effective upon issuance.
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