I-Buraq / e-BuraqInstant payment system launched in direct response to the cash shortage in Gaza, a textbook case of digital payments as an emergency substitute for cash. Spellings vary (Iburaq, e-Burraq), and the PMA (Palestine Monetary Authority) also uses “BURAQ” for its RTGS, which causes confusion.Palestine Monetary Authority (PMA) · since 2025Payee credited and notified in under 10 seconds; multicurrency (three currencies), with request-to-pay and recall of funds (PMA/PalPay, 2025).
Global registry · Africa & Middle East · West Asia
Palestine Payment systems
4 systems listed.
This country doesn’t have a written market analysis yet: e-commerce shares, regulator, and key players are still to be documented. The systems below, however, are verified.
IBAN · Palestine
29 characters57 BIC codes
- Total length
- 29 characters
- Bank code position
- 5–8
- BBAN structure
4!a21!c
Structurally valid example
PScountry code92check digitsPALSbank000000000400123456702account
PS92 PALS 0000 0000 0400 1234 5670 2
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Instant payments
Wallets
Jawwal PayThe first company to receive a full PSP license from the PMA (Palestine Monetary Authority). The wallet serves the unbanked through an agent network and is essential in the West Bank and Gaza.Jawwal / Paltel Group
Acquiring and processing
PalPayThe leading Palestinian acquirer and biller, which also runs the PalPay Mahfazti wallet; the first to offer I-Buraq with request-to-pay and recall.PalPay (Bank of Palestine group)
Other
e-SADADElectronic payment gateway of the Palestine Monetary Authority: a central billing and settlement platform for government services and utilities. It is part of a suite the PMA lists alongside the I-Buraq instant payment system, electronic check clearing, the “National Key 194” domestic card network, and the QR Quick service built on I-Buraq.Palestine Monetary Authority