חוק שירותי תשלום (תיקון), התש"ף-2020Payment Services Law (Amendment), 2020 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The purpose of the Payment Services Law, 2019 (hereinafter – the Law), is to regulate the field of technological payment services in Israel, which includes, among other things, payment by credit card, stored-value card, payment application, and digital wallet. The need for this Law stemmed from technological development that led to increased competition in the field of payment services, lower fees and greater availability of payment options, but alongside these, required addressing the risks involved in using digital payment instruments, such as security breaches, fraud, and misuse of information. In addition, in light of the updated arrangements established under the Law, from the date the Law entered into force, the Debit Cards Law, 1986, which until the enactment of the Law had regulated the field of credit card activity in Israel, was repealed. Ahead of the Law's entry into force, payment service providers, including banks, credit card companies, payment application operators, and others, were required to prepare accordingly; therefore, the commencement date was set for 9 January 2020. However, since this preparation had not yet been completed, the commencement date was amended by the Payment Services Law (Amendment), 2020, and it was determined that the Law's entry into force would be on 14 October 2020. It was further determined that the commencement date of the Amendment would be set retroactively to 9 January 2020.

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