JoPACC sets New Transaction Limits on JoMoPay following Consultation with mPSPs
As part of its dedication towards increasing opportunities for the local payments market and its commitment towards engaging the market in matters affecting it, JoPACC conducted a market consultation on transaction limits ahead of the JoMoPay upgrade to the ISO 20022. The market consultation took the form of a survey, which was sent out to all currently licensed mPSPs on the JoMoPay switch. The results were used to compile a report and determine new transaction limits for the JoMoPay scheme.
Through the mobile Payment Service Providers’ (mPSP) responses, JoPACC evaluated the market need for the current different transaction limits on the JoMoPay switch. Namely, the needs of different customer groups, such as businesses, merchants, agents, and individuals, were captured. Combined with an analysis of JoMoPay’s historical data, JoPACC was able to determine the new transaction limits, which were discussed with the Central Bank of Jordan (CBJ) and circulated to the mPSPs.
The ISO 20022 upgrade of the JoMoPay switch is expected to be completed before the end of this year. Following the upgrade, full interoperability between bank accounts and mobile wallets will be possible, as well as a number of new services and features through the JoMoPay scheme.
| Type of wallet/customer | Maximum limit per transaction (sending and receiving) |
|---|---|
| Personal Wallet | 2,000 JOD for money transfers, cash-in, cash-out |
| Business Wallet | 10,000 JOD for money transfers, cash-in, cash-out |
| Government Wallet | 10,000 JOD for money transfers, cash-in, cash-out |
| Merchant Wallet | 5,000 JOD for money transfers, cash-in, cash-out |
| Agent Wallet |
|
The Jordan Payments and Clearing Company (JoPACC) and Rainmaking Innovation have signed an agreement to mark the onset of the programs of JoPACC's newly established fintech incubator, JOIN Fincubator, which will support the development and endeavors of fintech ideas and start-ups in the Jordanian ecosystem.
The agreement, which was signed in Amman by Ms. Maha Bahou, CEO of JoPACC, and Mr. Ibrahim Seksek, CEO of Rainmaking Innovation MENA, creates a strategic partnership between Rainmaking Innovation and JoPACC's JOIN Fincubator to be one of Rainmaking's first initiatives in the Jordanian market. The agreement comes as a part of a long-term vision of Rainmaking to unleash perpetual entrepreneurship in Jordan and the MENA region and constitute corporate innovation and startup-corporate partnerships.
