Following the successful launch of Apple Pay in Israel, Google Pay has now announced its launch in Israel, towards the end of the civil year. Isracard announced today (Sunday) that it has reached an annual agreement with Google, which allows payment through the site, which will be used as a virtual wallet without fees. The agreement will be automatically renewed later in the year, if there are no dramatic changes.
Earlier this month, Google Pay signed a similar agreement with Bank Leumi and its “Max” card. These agreements will allow users of Google Pay’s digital wallet to make payments via mobile phones in various stores, without the need for a means of using smart card billing (EMV). Indeed, about two.thirds of all payment terminals now support the device launched in Israel in November last year, and about 60% of transactions are made through it. This is after all credit cards in Israel were adapted to use EMV.
Since the launch of Apple Pay last May, app usage has skyrocketed, with hundreds of thousands of registered users. The overall use of digital wallet functions has jumped 1,300% since Apple’s launchAccording to data from the ISA, the company believes in all credit card payments in Israel. However, Apple Pay is widely used worldwide, with more than 400 million users, while Google Pay is popular only among about 150 million.
For Android holders, there are already solutions in the form of a digital wallet, available by the various banks, such as Bit of Bank Hapoalim and PayPal of Bank Leumi. However, Google’s entry into the market is expected to lead to responsiveness as well, and may even create another turning point for the adoption of the technology. About 70% of smartphones in Israel operate through Google’s Android platform.