A person looking at a digital wallet on their smartphone. (Credit: Wang Zhao/AFP)
In 2015, four years before the onset of the Lebanese economic and financial crisis, Lebanese banks had already focused on developing a cashless society by creating their own online banking or digital payment applications and deploying the country's first contactless payment terminals. Ten years later, while the crisis has led to an explosion in cash transactions, other payment methods are gradually regaining public favor.Jad Kobeissi, founding partner at Kobeissi & Associates, a law firm based in Dubai and Beirut that advises digital wallet companies, answers questions from L’Orient-Le Jour.Lebanon enacted a regulation in 2023 to govern the development of digital wallets (via the intermediate circular No. 667 of the Bank of Lebanon). What are the main clauses that a company operating a digital wallet must include in the contract...
In 2015, four years before the onset of the Lebanese economic and financial crisis, Lebanese banks had already focused on developing a cashless society by creating their own online banking or digital payment applications and deploying the country's first contactless payment terminals. Ten years later, while the crisis has led to an explosion in cash transactions, other payment methods are gradually regaining public favor.Jad Kobeissi, founding partner at Kobeissi & Associates, a law firm based in Dubai and Beirut that advises digital wallet companies, answers questions from L’Orient-Le Jour.Lebanon enacted a regulation in 2023 to govern the development of digital wallets (via the intermediate circular No. 667 of the Bank of Lebanon). What are the main clauses that a company operating a digital wallet must include in the...
