Al-Salahi Reports Record Digital Growth in Palestine

Last year, Palestine experienced a record-breaking surge in the use of electronic payment methods, with over 126 million transactions totaling nearly $35 billion, representing significant growth compared to previous years. This increase reflects the accelerated digital transformation within the financial sector, despite the exceptional circumstances faced by Palestinians, which have led to a growing reliance on digital payments as a practical alternative to cash handling. The national system "Aybaraq" accounted for nearly half of these transactions, recording approximately 54 million transfers valued at around $6 billion. This service enables money transfers between bank accounts within less than ten seconds. Additionally, the number of point-of-sale (POS) terminals surpassed 50,000 across Palestine, contributing to a rise in financial inclusion, which reached 73%. There are now more than 1.7 million bank accounts and 1.5 million digital wallets in use. The electronic payment ecosystem includes the "e-Saddad" system, which offers over a thousand digital services, alongside efforts to develop the commerce and delivery sectors to encourage the adoption of digital payments and reduce dependence on cash. Emphasis is also placed on protecting users from fraud, which often occurs outside the formal payment systems. Overall, experts consider Palestine's experience a successful model in adapting to challenging circumstances through the expansion of electronic payments, making it an essential tool for improving efficiency and easing citizens’ lives.

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