Industry Information

The future of financial transactions is digital.

The way we pay for our goods and services has swiftly advanced from traditional, face-to- face methods at fixed locations - towards remote and location-free technologies. Innovations such as Internet banking, Point-Of-Sale (POS) terminals, e-Commerce, ATMs and mobile phone banking apps have radically changed the way we manage and spend our money, and the trend is set to continue at an ever increasing rate.

With high levels of mobile phone ownership, and with a large unbanked population having a pressing need to escape costly cash payment methods, the Jordanian market is perfectly primed to take full advantage of such payment services in the immediate future.

$1 Trillion

Mobile payment transactions are forecast to exceed $1 trillion globally by 2017

GSMA State of the Industry Report

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JoMoPay Framework

The Central Bank of Jordan’s National Mobile Payment Switch – known as JoMoPay – has created an interoperable framework for a robust mobile payments industry in the country, through which all mobile payments will be regulated.

Regulation and Compliance

The Central Bank of Jordan is also the regulator of the national switch, and their comprehensive compliance controls to ensure that the service is trustworthy and well-monitored.

• Risk Management
• Consumer Protection
• Reliability of Service

JoMoPay Operations

  1. It acts as a central messaging system between payment services providers – such as DINARAK– to allow them to exchange real-time, controlled and audited financial transactions.
  2. It performs all clearing and settlement of transactions handled by payment service providers like DINARAK, through connected settlement bank accounts.