Palestine sees digital payment surge with $35 billion in transactions

Palestine has experienced a significant surge in digital transformation within its financial sector. Over the past year, electronic payment systems recorded more than 126 million transactions, totaling approximately $35 billion.

Nader Al-Salehi, General Manager of the Palestine Electronic Payment Services, described this growth as a “revolution in digital transformation.” He noted that exceptional circumstances, including difficulties with movement and travel, have driven Palestinians to adopt electronic payments as a practical alternative to cash.

The shift has positively impacted the economy by accelerating commercial transactions, increasing money circulation, and improving liquidity management within the banking system. The “Ay Buraq” instant transfer system accounted for nearly half of the volume, with 54 million transactions valued at roughly $6 billion.

Additionally, the number of points of sale has exceeded 50,000 across the region. According to the Palestine Monetary Authority, financial inclusion in Palestine has reached 73%, supported by approximately 1.7 million bank accounts and over 1.5 million electronic wallets.