Digital wallets in Israel to expand as Google pay launches

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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.

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