BDL initiates measures to promote electronic payments and reduce cash use

The Banque du Liban (BDL) has announced ongoing efforts to encourage the use of electronic payment methods and reduce reliance on cash transactions in the Lebanese market, aligning with international standards, particularly those related to combating money laundering and terrorist financing.

In a statement, the BDL highlighted its collaboration with stakeholders, including MasterCard and Visa, to promote the use of payment cards. Among these efforts is a focus on reducing the cost of using payment cards, especially those issued abroad and used within the Lebanese market.

Expressing gratitude for the cooperation of global companies like Visa and MasterCard, the BDL expressed hope that the initiatives would yield results soon.

Furthermore, banks and financial institutions were urged to provide all necessary facilitations to ensure electronic payment services, with minimal costs for consumers. Any additional charges imposed on consumers were deemed unlawful and detrimental to the national economy.

Additionally, in coordination with the Finance Ministry, the BDL is working on a project to accept payment cards for tax payments at all Finance Ministry branches across Lebanon, facilitated by the installation of Point of Sale (POS) machines.

It is worth noting that the BDL previously issued Circular No. 165 regarding the clearance and settlement of checks and cash transfers in US dollars and Lebanese lira through BDL. The use of "fresh" dollars transfers and checks has increased, serving as a secure and primary alternative to cash payments.

In 2023, Circular No. 69 was amended concerning electronic payments, granting licenses to several electronic wallets that meet the required criteria. These wallets allow users to transfer money instantly and securely between merchants and individuals in compliance with relevant laws and regulations.

The BDL emphasized that these measures have begun to effectively reduce cash transactions in the Lebanese market gradually.