Regulatory Alerts2023-01-01
Instructions No. (2) of 2023 Concerning the Issuance of QR Codes
The Palestine Monetary Authority issued Instructions No. (2) of 2023 to regulate the issuance and use of QR codes by payment service providers under unified technical standards. The directive mandates that issuing members provide automated, secure, and fee-free QR code generation within 60 days of issuance while strictly adhering to specified technical annexes and risk management protocols. It authorizes QR code usage for electronic payments, cash deposits and withdrawals, and paper check issuance, while granting the Authority discretion to approve additional use cases and exempting pre-existing bank-issued QR check forms from its provisions.
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