E-Payment in Jordan law
The human being, since the outset of history, resorted to various means of exchange in his commercial transactions, and invented several ways to carry out these transactions; first he used metals as means of exchanges, including precious ones, then used coins which are light-weighted metal pieces of a precious metal on some of which the value and issuing state are engraved.
However, these were exposed to fraud, forgery and instable value since they are not affected by prices of the gold. Banknotes thereafter appeared and became to play a major role in commercial life. The man began to look for means of keeping them secure from risks to which they may be exposed such as theft and loss, as well as for mean of circulation from a place to another, and from a hand to another
Banks then appeared to assume their role which kept developing till our day. As a result of this revolution, the role of banks began to maximize and they now take part in all social and economic activities. Consequently, the pool of clientele increased to become an integral part of the economic body of societies, and these institutions became to inter-continentally carry on their activities under the boom of modern communication systems, where today there is no financial institution able to assume its role apart from the same. Monies are now transferred from a country to another and from a continent to another, and translated from a currency to another through electronic pulses under what is commonly known as electronic banking (e-banking).
Naturally, this development is accompanied with the emergence of cash alternatives such as all kinds of cheques (personal, banking, tourist), bank transfers and bank payment orders, after which appeared the payment card for the first time in 1951 in the United States of America and then spread out.
Electronic payment cards, or what is known worldwide as the plastic banknotes, are considered as an additional thing for a man to keep in wallet along with the cash, personal cards, photos and other personal papers. Very few recognize that this small card is one of the most significant and most influential inventions of our age and are deemed as some of the most important components of the day to day life of millions of people around the world.
ABOUT THE AUTHOR: Abdullah Jaradat
Abdullah Jaradat is admitted to practice law in Jordan. He holds a bachelor of Law degree and also received a Master of Laws degree LL.M (International Commercial Law) from the University of Derby.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.