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The Payment Services Law, 2019

Dear clients,

We wish to bring to your attention that on 31.12.2018, the Israeli Parliament ("Knesset") passed the Payment Services Law, 2018, to be codified as Payment Services Law, 2019 ("the Payment Services Law"). 

The purpose of the law is to regulate the relationship between the payment services provider and the payer, as well as between the payment services provider and the receiver of the payment (payee). The law annuls the Debit Cards Law, 1986 ("the Debit Cards Law"), and includes comprehensive legal arrangements imposed on all means of payment. The definition of means of payment was expanded in an attempt to foresee future technological developments, so that the entire sequence of actions a payer must perform in order to give a payment order will be included, whether or not this includes the use of an item or authentication detail.
 
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The content in this Memo is provided for informational purposes only, and does not serve to replace professional legal advice required on a case by case basis. The Firm does not undertake to update the information in this Memo, or its recipients, about any normative, legal, or other changes that may impact the subject matter of this Memo.
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Should you have any questions or need additional information regarding this matter, please feel free to contact Adv. Rami Sofer, Co-Head of the Corporate, Finance, Banking and Insurance Department: rami.sofer@goldfarb.com, or Adv. Orit Kremer, Corporate, Finance, Banking and Insurance Department: orit.kremer@goldfarb.com, or at: 03-6089369.