The National Switch implementation is part of PMA’s strategy in electronic retail payments and follows the reduction of the use of cash and cheques in order to minimise the risk of the use of cash and other paper based payment instruments.
At this moment, Bank of Palestine, Bank of Jordan and Cairo Amman Bank are switched to the integrated ATM/POS network with standardised specifications, enabling citizens to use ATM cards issued by any bank to access services at ATMs belonging to any other bank.
Currently PMA is licensed for direct operation with international payment systems like MasterCard and Visa and is ready to process transactions flows. The launch of this system will encourage the banks to issue more debit and prepaid cards and will also encourage the distribution of POS-terminals throughout the country.
This initiative aims to stimulate financial inclusion penetration by bringing comprehensive, convenient and available services to the whole nation, while reducing the cash circulation in the country constraining financial transparency.
BPC is a global provider of Open Systems payment solutions for the global financial industry. It provides SmartVista, a single integrated solution for transaction processing and card management. The companys customer base includes the retail banks system across five continents. Currently, BPC has 147 clients in 51 countries.
The Palestine Monetary Authority (PMA) is the emerging Central Bank of Palestine. Its overall purpose is to ensure price stability and contribute to the stability and effectiveness of the Palestinian financial system. PMA promotes sustained economic and financial growth of the Palestinian economy.
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