Regulatory Alerts2021-01-01
Instructions No. (10) of 2021 Regarding the Amendment of Instructions No. (3) of 2021 Concerning the Provision of E-Wallet Services by Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 10 of 2021 to amend Instructions No. 3 of 2021 governing e-wallet services provided by licensed payment service companies in Palestine. The amendment explicitly permits payment service providers to offer digital card recharge and top-up services, provided they obtain prior written regulatory approval, charge only an agreed commission without owning or directly selling the cards, and adhere to existing financial ceilings and updated internal policies. Additionally, it establishes a regulated framework allowing account opening using mobile numbers from non-Palestinian telecom operators exclusively for natural persons residing in Jerusalem and the 1948 territories, subject to enhanced due diligence, risk mitigation protocols, and specific technological and legal safeguards.