Can PA's push for e-payments help ease its cash crunch?
The Palestinian Authority has approved a plan to promote the use of electronic payment methods to reduce the need for cash, especially hard currency, and to catch up with international developments in financial transactions.
GAZA CITY, Gaza Strip — In a weekly Cabinet meeting held June 5, the Palestinian Authority (PA) approved a national plan to promote the use of electronic payment methods. The plan calls for developing the legal environment for e-payment, promoting electronic payment in the finance and banking sectors and strengthening the regulatory framework for clearance system and electronic payment services providers.
E-payment systems cover transactions using credit, debit and shopping cards and online bank transfers, reducing reliance on cash and checks. The plan aims to support diverse and accessible e-payment options so they become more widely available and meet the needs of the finance and banking sectors as well as individuals and consumers.
