• Since Apple Pay's launch, the volume of purchases made with digital wallets has increased 20 times in Israel.
• Around two-thirds of payment terminals in the country accept the wireless payment standard.

Alphabet Inc.’s payment service Google Pay was reportedly launched in Israel on 7^th December, with top banks and credit card providers signing agreements with Google to offer the new service. This will finally allow Android users to make contactless transactions for products across stores in the country.

The move comes six months after Google's main competitor Apple had rolled out its digital wallet services, Apple Pay, in the country. Credible sources cite that 70 percent of Israelis own Android phones, presenting a large market for Google Pay, which currently has approximately 150 million users in more than 40 countries.

Data provided by the Bank of Israel reveals that around two-thirds of payment terminals in Israel accept the wireless payment standard, which allows payments via mobile phone, smart watch, or credit card.

According to Shva, the business that processes credit card payments in Israel, 58.1 percent of credit card payments during October were contactless and through digital wallets, totaling USD 118.5 million.

It is worth noting that 30 percent of the Israeli population have iPhone, and since the launch of Apple Pay, the volume of purchases made with digital wallets has increased 20 times. The addition of Google Pay will result in a further surge in usage of digital wallets, expressed Eitan Lev Tov, CEO of Shva.

Israel's leading banks and credit card firms, which issue Mastercard, Visa, and American Express cards, announced in separate statements that they had signed deals with Google to offer Google Pay, with some banks offering consumers cash back for using the service.

Source Credit:

https://money.usnews.com/investing/news/articles/2021-12-07/israels-digital-wallets-to-expand-as-google-pay-launches