PalPay Company, in partnership with Bank of Palestine Group, obtains the necessary licenses from the Palestinian Monetary Authority to launch the Electronic Wallet “Mahfazti”
4 | 5 | 2020
In partnership with Bank of Palestine Group, PalPay, the leading company in electronic payment solutions, which was established by the Group in 2010, announced obtaining the necessary licensing from the Palestinian Monetary Authority to launch the Electronic Wallet “PalPay Mahfazti” (My Wallet). Mahfazti is a comprehensive payment system in the form of an application on Smart Phones, with an aim to provide a selection of electronic payment service for all sector in society without the need to open bank accounts, as was the case in the past.
Mahfazti will allow users to shop for their needs from stores through the application downloaded on their Smart Phones, as well as transfer money, pay their various bill, charge their mobiles, pay their loans, school and university fees, purchase various subscriptions and games, pay to merchants, withdraw cash, and enjoy many other services that will be announced within the next few days. The financial wallet may be charged through the various Points of Sale that are spread across the Palestinian governorates.
During the past six years, the company was working on the development of this system, and signed a contract with VISA International to provide the Mahfazti service and Visa cards, which may be used locally and internationally. After obtaining the necessary licensing from the Palestinian Monetary Authority, the company was well prepared to launch the various services of a system that includes a wide network of agents, merchants, service providers, suppliers, Smart Phone applications and Visa cards, to be used by PalPay Mahfazti subscribers.
Mr. Azzam Al Shawa, the Governor of the Palestinian Monetary Authority, stressed that the licensing of electronic payment services stems from the PMA’s strategy for financial inclusion, which aims to deliver financial services to all sectors within society, and provide electronic payment services to individuals who do not own bank accounts, as well as entrepreneurs and owners of small enterprise. According to Al Shawa, “the operations of companies that offer electronic payment services will be subject to the monitoring and supervision of the Palestinian Monetary Authority in order to ensure the highest standards of security, transparency and effectiveness, especially during the health challenges we are currently confronted with.”
Mr. Hashim Al Shawa, the Chairman of Bank of Palestine Group, expressed his enthusiasm about obtaining the necessary licenses, stressing that PalPay is celebrating its 10 year anniversary since its establishment, during which it managed to develop high quality payment solutions that proved their capability and received commendation from all sectors of Palestinian society. According to Al Shawa, “the new electronic wallet will add new and quality services to the selection of services offered by PalPay company, and will target citizens who do not own bank accounts and enable them to conduct electronic financial operations that were only available for bank account holders in the past.”
Al Shawa added that PalPay was established in 2010, and during the course of 10 years, it managed to expand and establish a vast network of 7,000 electronic Points of Sale. PalPay also signed contracts with over 100 companies, merchants, universities, organizations and service providers across Palestinian governorates and cities, from Jenin in the north to Rafah in the south. It also invested in developing secure systems that ensure the safety and confidentiality of information, in accordance with the highest international standards. All these features, according to Al Shawa, “will provide the appropriate environment and incubator for the function of the new electronic wallet and complement it.”
Mr. Iyad Qumsiyeh, the General Director of PalPay, stated that the electronic wallet will allow all its subscribers to obtain the international Visa card and enjoy all the privileges it offers, and offer a variety of services, including money transfers (pay to a friend) from one wallet subscriber to another, using fast and efficient methods for making payments to contracted merchants, from supermarkets, restaurants and other sectors. According to Qumsiyeh, “the new technology will offer many other services that will be announced in the media during the upcoming days and weeks.”
Qumsiyeh expressed pride in the technological systems and solutions that were developed exclusively by Palestinian hands during the course of 10 years. These technologies, according to Qumsiyeh, “proved their efficiency and continuous function around the clock, and received acclamation from various companies, merchants, agents and individuals, who have been using them over the years, and contributed tremendously to serving citizens, providing them facilitations, and decreasing costs.”
Qumsiyeh added that PalPay participated in several international conferences and exhibitions in the Middle East region, and effectively took part in various competitions in the fields of software and electronic solutions development, and managed to gain first place in one of the competitions that was held was CitiBank, in partnership with MasterCard, IBM and other companies. The prize was offered by the Vice Chairman of the bank and company representatives at the World Trade Center in the United Arab Emirates.
Qumsiyeh pointed out that PalPay was awaiting the final licenses for the wallet in order to extend electronic services to non-bank account holders through simple and secure procedures, in conformity with the highest levels of protection, confidentiality and privacy for subscribers.
Qumsiyeh concluded that the launch of the electronic wallet will be an important stage of transformation in the lives of citizens who will move from traditional payment methods to using electronic means. The new technology will open new opportunities for non-bank account holders and assist them in developing their businesses, as well as enjoy many new benefits, while saving them time, effort and money.