Google Pay to launch in Israel by end of 2021
Isracard has said it reached an agreement with Google to offer payments via Google’s digital wallet enabling Google Pay to come to Israel.
Following Apple Pay’s successful launch in Israel, Google Pay is gearing up its launch here before the end of the year.It follows similar agreements that Google Pay signed with Bank Leumi and its Max credit-card unit earlier this month.These agreements, and those with other banks that are likely to follow, will allow users of the Google Pay digital wallet to make payments using their cellphone at stores with contactless EMV payment terminals.
About two-thirds of all payment terminals in Israel support the standard, which was launched here last November, and some 60% of transactions are made using it, the Bank of Israel reported.All Israeli credit cards issued over the past several years comply with the EMV standard. Payments can also be made with apps on NFC-enabled Android devices running version 5.0 or higher, iPhone 6 and later models and all Apple Watches.Users of such cellphones and watches can complete payment in stores and online with just a few taps, making the purchase process more streamlined for buyers and sellers.Since Apple Pay launched in Israel in May, usage has grown rapidly, with hundreds of thousands of users now registered. The use of digital-wallet apps in Israel has grown by 1,300% since Apple Pay’s launch, according to Shva, the company that handles all credit payments in Israel.Apple Pay is the most widely used digital wallet in the world, with some 400 million users. Google Pay has about 150 million users.
Approximately 70% of smartphones in Israel run on Google’s Android platform.