The entry of Google Pay's online payment system to Israel, alongside Apple Pay, has significantly increased the use of digital wallets in the country. Online payments increased from four million to six million between November and December 2021.
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In December, 600 million shekels ($192 million) in payments were made online compared to just 18.11 million ( $5.8 million) when Apple Play was first introduced in April of last year.
Around 800,000 Israelis are estimated to have downloaded an online payment app, be that Google Pay, Apple Pay, or a digital wallet from the Israel Credit Cards Company, Max, Leumi Digital, Isracard, PayBox, Bit Pay, or AnyPay. Of the 800,000 who downloaded an online payment app, 510,000 opted for Apple Pay, while the remainder were those with Android operating systems on their cellphones. Among those with Apple Pay, 330,000 consistently used their digital wallet to make payments, as did 140,000 Android users.
According to the Automated Bank Services company, which manages Israel's credit card payment system, Google Pay's entry into the digital wallet market in early December led to a 42.4% increase in online payments. Around 592 million shekels ($190 million) were paid online in December compared to 416 million shekels ($133 million) the previous month. Since Apple Pay's entry into the Israeli digital wallet market, online payments have increased 33%.
Israeli credit card expenditures increased 15.96% to over 346 million shekels ($110 million) from 2020 to 2021. ATM withdrawals increased 13.5% to slightly over 62 billion shekels ($20 billion) in 2021 compared to 54.60 billion shekels ($18 billion) the previous year.
"The use of digital wallets is gradually becoming a significant part of our shopping and payment experience. We're seeing more and more circles in the public using advanced payment services," Automated Bank Services CEO Eitan Lev-Tov said.
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