Regulatory Alerts2024-01-01
Payment - 2024 - Circular No. 21 Point of Sale Campaign for Fuel Stations
The Palestine Monetary Authority (PMA), in cooperation with banks and payment service providers, has launched a national campaign to encourage the use of Point of Sale (POS) devices at fuel stations. This initiative, effective from January 9, 2024, for one year, includes a reduction in the Merchant Discount Rate (MDR) for POS transactions at fuel stations. The campaign targets all fuel stations in Palestine with the goal of significantly increasing electronic payment transactions by the end of 2025, thereby promoting financial inclusion and reducing reliance on cash.
PALESTINE MONETARY AUTHORITY Circular No. 21 / 2024 Date: 9/1/2024
The Palestine Monetary Authority, in cooperation with banks and payment service providers, announces the launch of a national campaign to encourage the use of Point of Sale (POS) devices at fuel stations. This initiative aims to promote electronic payments and reduce reliance on cash transactions.
As part of this campaign, the Merchant Discount Rate (MDR) for POS transactions at fuel stations will be reduced to further incentivize their adoption, in accordance with Decision No. (1) of 2022 regarding the regulation of payment services, Article 194.
The campaign will run for one year, starting from the date of this circular, and targets all fuel stations operating in Palestine. The objective is to achieve a significant increase in electronic payment transactions by the end of 2025.
This campaign seeks to enhance financial inclusion, improve transaction efficiency, reduce the risks associated with cash handling, and support the national economy.
The Palestine Monetary Authority calls upon all relevant parties to cooperate to ensure the success of this campaign.
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax +970 2 2415310 | Tel +970 2 2415251 | Postal code P6160675