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Cabinet approves e-payment by-law

By JT - Oct 23,2017 - Last updated at Oct 23,2017

AMMAN — The Cabinet on Sunday approved the 2017 e-payment and transfer by-law that aims at providing a suitable environment for switching into the digital economy.

The by-law seeks to organise the activities and administration of e-payment and transfer services in the Kingdom, in accordance with the best practices, the Jordan News Agency, Petra, reported on Monday. 

The regulations, approved in a session chaired by Prime Minister Hani Mulki, are envisioned to enhance efforts aimed at switching from the traditional payment method to electronic payment to achieve effective financial monitoring of public institutions and other sectors involved. 

They also seek to enhance the role of the Central Bank of Jordan in supervising e-payment and transfer services to enhance the efficiency of payment systems and protect consumers.

The by-law identifies the requirements and conditions of licensing e-payment systems, e-payment providers, cases under which such licences are cancelled, fees, fines, administrative penalties, the minimum rate of capitals and warranties, in addition to the periods for rectifying statuses for existing companies before the by-law comes into force.

It also lists the types of transactions that are required to be executed under licensed e-payment companies and systems.

 

The regulations identify the work procedures related to e-payment systems and ways to settle conflicts that may arise between parties engaged in an electronic money transfer, in addition to setting the conditions necessary to issue e-cheques.

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