News & Analysis as of

Payment Systems Bank of Israel

Barnea Jaffa Lande & Co.

Israel: Opening Access to Payment Systems and Allocation of Identification Codes to Payment Service Providers

As part of its actions to increase competition in the payments market, and alongside the entry into force of the Regulation of Payment Services and Payment Initiation Law, 2023, the Bank of Israel has opened access to...more

Barnea Jaffa Lande & Co.

Regulation of Payment Services Law Comes into Effect

On June 6, 2024, the Regulation of Payment Services and Payment Initiation Law came into effect. Relevant entities may now submit license applications for providing payment and payment initiation services....more

Barnea Jaffa Lande & Co.

Bank of Israel Continues to Regulate Use of Cryptocurrencies

Israel’s financial regulatory authorities are regulating virtual currencies (cryptographic currencies) due to their steady increase in use. For example, the Capital Market, Insurance and Savings Authority (CMISA) issued an...more

Barnea Jaffa Lande & Co.

Payment Apps Will Enter Small Businesses

Bank of Israel published a position paper with respect to the activity of banks’ payment apps (Pepper by Bank Leumi, Bit by Bank Poalim, and Paybox by Discount Bank) in the B2C market. The position paper is the conclusion of...more

Barnea Jaffa Lande & Co.

The Israeli Payment Market Is Lagging Behind

The payment market in Israel and around the world is marching toward revolution: Facebook announced the launch of its digital currency, the Libra; Le’umi Bank entered into agreements with 400 businesses for acceptance of...more

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