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Google Pay launches in Israel

Monday 13 December 2021 13:15 CET | News

Google Pay has been launched in Israel and major banks and credit card companies within the country have already planned to integrate it as a new payment service.

The service will allow Android mobile phone users to pay for products in stores that allow contactless payments. Some 70% of Israelis have Android based phones, according to yahoo.com, potentially providing a big market for Google Pay, which has about 150 million users in more than 40 countries worldwide.

In May 2021, Apple's Apple Pay launched in Israel, where 30% of people have iPhones. An estimated two-thirds of payment terminals in Israel support the wireless payment standard that allow payments by mobile phone, smart watch or credit card, Bank of Israel data shows.

Shva, the company which processes credit card payments in Israel, said 58.1% of credit card purchases in October 2021 were contactless and through digital wallets, reaching USD 118.5 million. Shva said the volume of purchases via digital wallets has risen 20 times in the past half year since Apple Pay entered the market.

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


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Keywords: mobile payments, Google Pay, expansion, data, Mastercard, digital wallet
Categories: Payments & Commerce
Companies:
Countries: Israel
This article is part of category

Payments & Commerce