Regulatory Alerts2023-01-01
Instructions No. (8) of 2023 Regarding the Issuance of QR Codes
The Palestine Monetary Authority issued Instructions No. (8) of 2023 to regulate the issuance and use of QR codes by payment service providers under unified technical specifications. The instructions mandate that issuing members provide automatic, instant QR code issuance without charging fees, ensure data protection and risk management, and support use cases including electronic payments, cash deposits/withdrawals, and paper checks. These regulations apply to all issuing members within sixty days of issuance, with prior approval required for non-standard use cases and existing bank-issued QR checks exempted.
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