Under the Auspices and Participation of His Excellency the Governor of Palestine Monetary Authority: PalPay Launches E-Wallet “My Wallet”

August 6, 2020 - Under the auspices and participation of His Excellency the Governor of Palestine Monetary Authority Mr. Azzam Shawwa, PalPay launched today in Ramallah PalPay’s e-wallet “My Wallet”, in the presence of the President and CEO of PalPay Mr. Iyad Qumsieh, Bank of Palestine General Manager Mr. Rushdi Al-Ghalayini, General Manager of Arab Islamic Bank Mr. Hani Nasser, Executive Director of the Financial Stability Group of Palestine Monetary Authority Mr. Iyad Zeitawi, and Director of Information Technology Department at Bank of Palestine Mr. Hassan Afifi.

Speaking at the launch ceremony, Mr. Shawwa praised PalPay's efforts in developing and launching its e-wallet “My Wallet”, which kept pace with the latest global developments in the field of electronic payment services and provided distinctive financial services commensurate with the needs of citizens.

Mr. Shawwa stressed that the importance of launching such services, especially the electronic wallet, is reflected in the light of the health crisis that we are experiencing, which required the completion of many financial transactions remotely and from anywhere and without the need to use cash or the requirement of a bank account.

Mr. Shawwa pointed out the importance of introducing citizens to electronic payment services and encouraging them to use them because of their effective role in delivering financial services to all segments of society, especially entrepreneurs, facilitating the conduct of their financial transactions, and the impact on enhancing financial inclusion rates in Palestine.

Mr. Qumsieh said he was glad with this achievement, which was a qualitative shift in the level of PalPay's work and achievements, stressing that PalPay is currently working hard to expand its network of agents and train them on these systems, which had been designed and programmed by PalPay’s crews using international standards and matching the major international companies both in terms of services and processes available, and security of the system, which had undergone careful inspections twice before the final processing of the launch by one of the world's largest specialized companies in this domain.

PalPay’s “My Wallet” will enable its users to buy what they need from stores using a smartphone-based app, carry out person-to-person transfers using mobile devices, issue virtual visa cards (valid for one year) for online shopping or a visa  card, which is used locally and internationally for shopping and cash withdrawals, paying bills, add credit to mobile phones, paying off loans, paying tuition fees, purchasing various subscriptions and games, as well as payments to merchants and cash withdrawals from wallet agents and many other services. The wallet can have credit added through points of sale spread throughout the governorates of the country.