The National Electronic Payment Company
The National Electronic Payment Company is a pioneering company in the field of electronic payment and electronic wallet services in Palestine. It was established as a limited shareholding company in February 2018. It received a license to operate from the Palestine Monetary Authority to provide payment services (PSP) and electronic wallet services.
The company was established with the objective of developing electronic payment services, providing them to the Palestinian society in general and to citizens who do not have bank accounts, or those who do not benefit from current banking services. Among the company’s services are Money transfer, payment of bills, charging accounts, online shopping, payment by QR code to vendors, as well as payroll payment services.
The company operates under its commercial name of Jawwal Pay
Why Was Jawwal Pay Established?
Cash financial transactions control the economy in Palestine. The ratio of Palestinians who have bank accounts is about 30% of the number of citizens eligible for opening bank accounts. This results in 95% of financial transactions being carried out in cash resulting in increasing the value and cost of cash itself! This imposed a heavy burden on the Palestinian economy represented by its banks, traders, and citizens.
Hence, Jawwal Pay will fill the vacuum of absent electronic payment services urgently needed by the Palestinian market, through innovative electronic payment systems to transfer the national economy into an advanced digital economy.
Who Benefits from Jawwal Pay Services?
All sectors of the Palestinian society will benefit: Government institutions, public services’ providers, banks, traders, and individuals. Electronic payment and wallet services will contribute to a large extent to reducing cost for all sectors of society in addition to providing comfort, convenience, and time for users through a wide network of vendors and agents and through international payment companies such as Mastercard™.
Jawwal Pay’s Vision and Mission
Jawwal Pay aims at leading the Palestinian society and transferring it into a non-cash society by providing easy and comfortable electronic access and channels to electronic payment systems that are innovative, developed, safe, and secure at an affordable cost.
