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Apple Pay has announced plans to launch in Israel on 5 May 2021, making it the first major international player to enter the country’s mobile payments market.
An estimated 20-30% of smartphone owners in Israel have Apple devices. Under Apple’s contract with Israeli banks and credit card companies, Apple will pay a 0.05% fee on average for all transactions via its platform, according to Haaretz.
However, Apple Pay is not expected to determine a major change in Israel’s digital payments market, but it highlights the need for other players to offer digital payment options as well. Currently, Bank Hapoalim’s Bit app is the most popular digital payment option in the country.
Additionally, according to Haaretz, grocery chain Supersol is planning to launch its own digital app in partnership with Bank Discount’s Paybox app. Another local market player is Pepper, owned by the Leumi group.
Bank Leumi also offers its own customers digital wallet services. Credit card companies Max and Isracard have also offered e-wallet services, and the First International Bank of Israel offers its own payment app. All of these apps are available for Android devices, but not for iPhone users.
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