You no longer need a physical wallet: you pay with your mobile phone, even remotely (Photo: Public Relations)
Data from Sheba (Automated Bank Services), which develops and manages the national credit card payment system in Israel, indicates that the Israeli public has increased the use of digital wallets in the past year.
Compared to the same period last year:
in March 2023, a new record of expenditures totaling NIS 2.986 billion was recorded - this is a 3.4-fold increase in expenditures in digital wallets compared to March 2022, when total expenditures were NIS 877.94 million.
Compared to the previous month
: the increase in the amount of daily expenses using digital wallets in March compared to February 2023 amounted to 12%.
The amount of average spending
: In March, the average daily spending in digital wallets reached the amount of NIS 96.32 million compared to NIS 85.98 million in February of this year.
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Apple's digital wallet was launched in Israel in May 2021 and since then has grown 20 times (Photo: ShutterStock, Usacheva Ekaterina)
"Convenience of use is the main reason for growth"
Growth since the launch
: Since the introduction, the spending of the Israeli public through digital wallets has grown 20 times, from NIS 150 million in the first month of activity to almost NIS 3 billion in the past month.
Since the introduction of Google's wallet for use in Israel, in December 2021, spending through digital wallets has grown 5-fold, from NIS 593.69 million to NIS 2.986 billion in the last month.
Use of the physical stores:
In addition, Sheba's data shows that the share of spending on digital wallets in physical transactions (purchases at the businesses themselves) continued to stand at a rate of 17.1% in March.
During March 2023, expenses in physical transactions amounted to NIS 17.491 billion.
Smart transactions
:
According to Sheba's data, in March the trend of growth and use of smart transactions by the Israeli public continued.
The total expenses in transactions using the EMV system reached 92.6% of the expenses on credit cards and amounted to NIS 38.206 billion out of the total expenses of NIS 41.267 billion.
60.7% of the physical expenses on credit cards, the purchases in the businesses themselves, were made in March through smart transactions (Contacts transactions and transactions in digital wallets and smart watches) in which the amount of spending in November was NIS 10.621 billion.
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A 5-fold increase: Google's digital wallet went live in Israel in December 2021 (Photo: ShutterStock)
"Convenience of use is the main reason for growth"
The VP of Business Development, Marketing and Sales at Sheba, Tali Hollenberg
: "The convenience of using digital wallets, especially during a physical transaction in the businesses themselves, is the main factor in the rapid growth of spending through the wallets.
In recent months we have seen that from month to month there is a jump of over 10% in the volume of expenses in digital wallets and we expect that this trend will continue"
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credit
Digital wallet
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