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Client Updates
 

Jan 09, 2019

Client Update | Revolution in the Field of Payment Services: Payment Services Law Approved in Fast-Track Legislation

We wish to update you that on December 31, 2018, the Draft Payment Services Law, 5778-2018, was approved by the Israeli Parliament (the Knesset) (in a second and third reading), following an expedited and intensive legislation process.

The new Payment Services Law will replace the Charge Cards Law, 5746-1986, and regulate the contractual relationships and consumer protection mechanisms that apply to the provision of payment services between the payment services provider and its clients.

The payment services providers include, inter-alia, banks, credit card companies, merchant acquirers, payment applications, processors, and others. The law shall apply in respect of all means of advanced payment services. Therefore, the law has a significant impact on these entities and on the field of payment services.

We note that the law will also apply to a foreign payment services provider, when it provides payment services to a client (individual or corporation) who is a resident of the State of Israel, if it directs its activity towards clients in Israel, all as detailed in the law.

Click here for the full update.

 

Key Contact:
Neta Dorfman-Raviv | Partner
Head of Insurance and Financial Institutions Department 
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