The Launch of QR Quick Service by the Palestinian Monetary Authority Will Initiate a Quantum Leap in the Electronic Payment System in Palestine

SadaNews Report: The Palestinian Monetary Authority announced the launch of the "QR Quick" electronic payment service starting from Sunday, June 14, 2026, through the iBuraq system available in all banking and electronic wallet applications, in a new step aimed at developing the digital payment system and enhancing digital transformation in the Palestinian financial sector.

The new service comes amid the rapid expansion of electronic payment methods in Palestine, supported by ongoing technological developments and the increasing reliance on digital financial services by both citizens and merchants.

The QR Quick service enables users to conduct payment and money transfer operations instantly and securely by scanning the merchant's or beneficiary's QR code, without the need to enter the International Bank Account Number (IBAN) or mobile phone number, thus helping to simplify procedures and speed up financial transactions, according to SadaNews.

The service also supports several technologies to complete payment and scanning operations, including using the smartphone camera or Near Field Communication (NFC) technology or converting the QR code into an electronic code, providing greater flexibility for users and enhancing access to the service.

The Monetary Authority relies on this new service to create a significant shift in the spread of digital payments, as it is expected to expand the acceptance of electronic payments from approximately 47,000 Point of Sale (POS) devices currently in use to nearly 800,000 new points of sale through smartphones, which will enhance the spread of digital payments among various economic and commercial sectors.

Data from the Monetary Authority show that by the end of 2025, the number of active banking applications used by customers reached about 837,000 applications, out of more than 1.2 million applications downloaded since the launch of digital banking services, reflecting a growing reliance on electronic channels to carry out financial transactions.

Observers believe that the launch of the QR Quick service represents a new strategic step within the Monetary Authority's efforts to develop the infrastructure for digital payments, promote financial inclusion, and reduce reliance on cash, aligning with global trends in the fintech sector, and contributing to building a more efficient and sustainable digital economy in Palestine.