The National Bank (TNB) and the Middle East Payment Services Company in Palestine (MEPS) signed a new cooperation agreement that allows TNB’s customers to benefit from point-of-sale (POS) machines to pay for their purchases electronically in shops. The agreement was signed by Zaher Muala, Deputy CEO of TNB, and Mohammad Helles, CEO of MEPS.

Under the agreement, MEPS Palestine will supply, operate and install POS devices for TNB and distribute them to its customers’ shops in various regions in the West Bank. This will allow them to receive payments from local and foreign payment cards of all types.

During the signing ceremony, Muala clarified that the agreement was in line with TNB’s digital transformation strategy. It keeps up with and promotes investment in the latest technology in financial and banking transactions to contribute to the development of an electronic payment infrastructure in Palestine. He indicated that the increase in POS services in shops and stores will encourage demand for electronic payment and reduce dependence on cash, especially since no commission will be levied on the use of such devices. Muala also explained that these devices will allow shop owners and companies to benefit from the additional services they provide, which will be disclosed at a later stage.

Muala praised the strategic relationship between TNB and MEPS Palestine, indicating that this agreement is yet another joint project between them.

For his part, Helles said that this agreement would benefit TNB and its customers by meeting their needs. He explained that this service was essential for digital transformation as it would encourage cardholders to abandon cash and use electronic payment methods as a safe alternative. He added that this service, especially as MEPS was investing in modern POS devices, would ensure the satisfaction of TNB’s customers who are shop owners and companies.

The CEO of MEPS Palestine also indicated that the company has invested in modern POS services, as a first step in other POS services that it will launch. Shop owners and companies will benefit from the services to be added to POS devices, which will meet the needs of all cardholders and merchants.

Finally, Helles thanked TNB for its trust, and hoped this joint agreement would be the first step in strengthening the electronic payment infrastructure in a secure, inclusive and modern Palestinian market and a motive for promoting financial inclusion.