Regulatory Alerts2025-01-01
Circular No. 5/2025: Instant Payment System Services and Customer Experience Improvement
The Palestine Monetary Authority issued Circular No. 5/2025 to mandate banks to enhance the effectiveness of instant payment services, specifically addressing deficiencies in bulk transfers, QR code payments, and business-to-business transactions. The directive requires banks to implement marketing incentives, improve customer experience through modern technologies like NFC, and officially brand QR-based instant payments as "Quick" using a standardized logo. Banks must also submit periodic reports on their marketing plans and transaction volumes to the Authority by the fifth working day of each month.
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