Tuesday, January 18, 2022

Slide Slide
Home digital payments Digital wallets in Israel to expand as Google pay launches

Digital wallets in Israel to expand as Google pay launches

58.1 per cent of credit card purchases in October were contactless and through digital wallets, reaching 373.8 million shekels ($118.5 million)

On Tuesday, Alphabet Inc.’s Google Pay launched in Israel, with Israel’s major banks and credit card companies saying, to offer the new payment service, they had signed agreements with Google. The service will allow Android mobile phone users to pay for products in stores that allow contactless payments through digital wallets.

Some 70 per cent of Israelis have Android based phones, according to Israeli media, potentially providing a big market for Google Pay, which has about 150 million users in more than 40 countries worldwide.

Apple’s Apple Pay, in May, launched in Israel, where 30 per cent of people have iPhones.

Bank of Israel data shows, the wireless payment standard that allow payments by mobile phone, smart watch or credit card is supported by an estimated two-thirds of payment terminals in Israel.

58.1 per cent of credit card purchases in October were contactless and through digital wallets, reaching 373.8 million shekels ($118.5 million), said Shva, the company which processes credit card payments in Israel.

In the past half year since Apple Pay entered the market, the volume of purchases via digital wallets has risen 20 times, Shva said.

“The entry of Google Pay will lead to a further increase in digital wallets”, said Eitan Lev Tov, chief executive of Shva.

Israel’s large banks and credit card companies, which issue Visa, Mastercard and American Express cards, said in individual statements, to offer Google Pay, with some banks giving cash back to customers for using the service, they had signed the agreements with Google.

Also readCIO News interviews Shri Wangki Lowang, Minister (IT) of Arunachal Pradesh

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics.

khushbu
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -1x1 banner1x1 banner1x1 banner1x1 banner

Most Popular

Bringing new technology and automation into the process is always on priority, says Vinay Kumar, CIO at MMG

As technology became increasingly important, one of the most important roles that I needed to adapt to was to become a strategic thought partner...

Venture capitalist technology: CM Bommai hails PM Modi as Bengaluru becomes one of top funding hubs

Overall, Indian tech venture capitalist technology investment grew nearly three times to USD 44.6 billion in 2021 from USD 14.9 billion in 2020 As India...

Technology: Banks to face major challenge in finding talent

The demand in the market today is for the right talent, whether it’s for business, technology or some of the niche skills around AI...

Rocket scientist Somanath is the new Chairman of ISRO

From TKM College of Engineering, the rocket scientist earned his B. Tech in mechanical engineering and a Masters in aerospace engineering from the Indian...

Recent Comments