JAWWAL PAY, the National Electronic Payment Company is the leading company in FinTech, “Financial Technology”, and the first company that has acquired the final license from the Palestinian Monetary Authority, has announced the launching of its multi-business electronic payment services and mobile wallet in partnership with Paltel Group in Palestine. JAWWAL PAY was established in 2018 in partnership with Jawwal Company, by Palestinian entrepreneurs who are specialized in FinTech solutions.
JAWWAL PAY services will be launched through a mobile application available for users, merchants and agents throughout Palestine. The application will allow users to make financial transactions such as money transfer inside Palestine; mobile top ups, and bill payments at any time in a secure and efficient manner. This service will also facilitate payment transactions between merchants as well as direct purchases via e-commerce sites.
“Launching of E-payment Services is included within the Palestinian Monetary Authority (PMA) financial inclusion strategy which aims to deliver financial services to all segments of our community; entrepreneurs, small business owners and even individuals without bank accounts. The business model of the payment service providers will be subject to intensive control and oversight by the PMA to ensure high degrees of security, transparency and effectiveness, especially under the health challenges that we face”, said Governor of PMA, Mr. AZZAM AL-SHAWWA.
“Launching the electronic payment services via mobile wallet will positively impact the Palestinian economy by enabling all segments of the community to process financial transactions more efficiently. These services will also assist the sector of SMEs and startups to thrive, which will ultimately lead to digitizing the Palestinian economy and converting it into a Cashless Economy”, said ABDELMAJID MELHEM the general manager of JAWWAL.
JAWWAL PAY services are considered as an integral part of the digital evolution, which accompanies post-3G launch in Palestine. In accordance with international standards, a local specialized team, with the help of international partners, have used topnotch technology to design this service in order to meet the users’ needs by providing the freedom and opportunity of facilitating daily transactions.
Mr. IBRAHIM KHAMASH, the general manager of Jawwal Pay, added these financial services will be available to a broad cross-section of the Palestinian community and will improve the financial inclusion ration. Highlight, that launching the e-wallet will enable Palestinian citizen to utilize their mobiles by proceeding with secure and affordable financial transactions in a user-friendly manner.
This service will be subject to secured international systems and protocols and will be launched under the control and oversight of the Palestinian Monetary Authority (PMA) which has determined the regulatory and operational frameworks in consistency with the international standards.
Source: Paltel Press Release