The entry of "Google Pay" into Israel, along with "Apple Pay", has significantly increased the use of digital wallets. According to a source in the industry, the volume of transactions in this way reached more than 6 million last December - an increase of 2 million within a month, compared to about 4 million transactions in November.
In numbers, it is NIS 600 million paid in December, while last April - before Apple Pay entered the country - the total number of transactions in digital wallets was only NIS 18.11 million. This is when not all applications in the field of consumption in Israel still support digital wallets, except for the brands' applications in the field of food.
It is estimated that by 2021, about 800,000 Israelis will have taken down all digital wallets - Google Pay, Apple Pay, ICC, Max, Leumi, Isracard, Facebook, Beat, International and Shufersal.
510,000 of them downloaded Apple Pay, and the rest had Android-based smartphones.
330,000 people pay regularly on Apple Pay, while 140,000 people pay through Android apps.
Israeli money, illustration, photo: Reuters
Credit: 16% annual growth
According to the Shebaa (Automatic Banking Services) company, which manages the credit card payment system in Israel, the entry of Google Pay in early December led to a 42.4% jump in total payments in digital wallets: NIS 592.49 million was paid through them in December, compared to NIS 416.08 million in November. In May 2021, there was a 33-fold increase in Israeli public spending on digital wallets.
On an annual basis, Israeli public spending on credit cards grew by 20.96% in 2021 compared to 2020, and amounted to NIS 346.348 billion.
In the area of cash withdrawals from ATMs, there was smaller growth, and they increased by 13.5% to a total of NIS 62.086 billion, compared with NIS 54.699 billion in 2020.
Suspicion: Private credit thief of customers and ordered products for his home worth half a million shekels // Illustration: GettyImages,
According to Max, out of all the users of the various payment apps on the mobile phone, almost 40% of the transactions are paid via the mobile without a physical card.
When separating users on Android devices - that is, in Max and Google Pay apps, or Apple Pay on iPhone - it can be seen that 30% of the mobile turnover among Android users is in physical transactions only, while among iPhone users 40% of the turnover in mobile payments is in physical transactions.
According to Sheba CEO Eitan Lev Tov, "The use of a digital wallet is gradually becoming a significant part of the shopping and payment experience, and we are seeing more and more circles in the public using the advanced payment services."
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