Futuristic shopping: a huge leap in the use of the digital wallet in 2022 | Israel today

Although late, 2022 was the breakthrough year of the digital wallet.

According to data from the Isracard company, the use of the digital wallet jumped sixfold during this period, and almost 12% of the total transactions this year were carried out in a digital wallet - compared to about 2% in 2021.

In the last quarter of 2022, 16.4% of the total transactions were already made in a digital wallet.

More than a quarter of the total transactions carried out abroad (26.6%) were in a digital wallet. This is a usage of 26.6% abroad in 2022, compared to 8.7% in 2021.

This trend gained significant momentum during the year, and in the fourth quarter already 33% of the transactions abroad were carried out in a digital wallet. In Israel, this is a usage of 12.1% in 2022, compared to 2% in 2021. In the fourth quarter, this is already 17.2% of the transactions.

The digital wallet still hasn't "caught" on the Internet: the rate of online wallet transactions is only about 4% in 2022, compared to 1% in 2021.

The usage rate was 5.2% in the last quarter.

The data also shows that abroad tend to spend more in the digital wallet. The average wallet transaction abroad in 2022 was NIS 284 and was 66% higher than a digital wallet transaction in Israel, which was NIS 171.

The industries in which there was a significant jump in the number of transactions paid using the digital wallet - an increase of up to 5% compared to last year - are hotels and B&Bs, cosmetics and medical institutes, and garages and car accessories.

Amit Sagi, VP of Data Digital and Marketing at Israchart, told "Israel Today": "The year 2023 will end with more than a doubling of the scope of use, and about 35% of the transactions in the economy will be carried out

in the digital wallet."

According to him, the digital wallet gives an additional layer of protection.

"Through facial recognition or through your code, the card receives a layer of protection when using the device. This is why consumers abroad are using a digital wallet more."

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