PalPay
“Can a Bank of Palestine Group fintech become Palestine's universal digital financial infrastructure for the banked and unbanked population?”
Founded2010
HQRamallah, Palestine
IndustryFintech / SMB banking
The story
Founded in 2010 as a joint venture between Bank of Palestine and PCNC Solutions, PalPay began as a multi-channel payment infrastructure provider for bill payments and mobile top-ups. It expanded into a full consumer e-wallet (Mahfazati) licensed by the Palestinian Monetary Authority, adding Visa card issuance, P2P transfers, and merchant acquiring. As a Bank of Palestine Group company, it now positions itself as Palestine's primary fintech infrastructure layer, serving the unbanked and banked population alike with salary disbursement, microloans, and e-commerce payment solutions.
Product timeline
2010
Founded as a joint venture between Bank of Palestine Plc and PCNC Solutions Company as Palestine's first digital wallet and multi-channel e-payment solutions provider.· banking
2010
Launched bill payment, mobile balance recharge, prepaid electricity/water meter recharge, and POS-based payment services.· banking
2020
Launched PalPay Mahfazati, a fully licensed e-wallet app offering P2P transfers, merchant payments, bill pay, and Visa card issuance, regulated by the Palestinian Monetary Authority.· banking
2021
Introduced the 'Rawatbi' (Salary) payroll disbursement program enabling companies to pay employee salaries directly to PalPay Mahfazati wallets.· banking
2023
Added microloan application capability within the Mahfazati app and expanded to 3,500+ registered agents across Palestinian territories.· lending
2025
Launched Soft POS solution enabling merchants to accept payments through a smartphone app without traditional POS hardware.· banking
Regulated entities
1
regulatory licence held by PalPay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in PalPay’s embedded-finance stack
Payments / PSP
PalPay (self-operated)
Card network
in the full report
Lending
in the full report
Accounting gap: minor
4 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.