What you need to know
- A new report says that Apple Pay may launch in Israel next month.
- According to the report, the service is set to launch on May 5.
Apple Pay will reportedly finally come to Israel next month.
As reported by Haaretz, the contactless payment service will launch in the country on May 5. According to the report, 20-30% of smartphone users in Israel use an iPhone, so this will open up the payment service to more than a quarter of the population.
An estimated 20-30% of smartphone owners in Israel have Apple devices, meaning Apple should be able to turn a handsome profit by offering the service here. 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.
In and of itself, Apple Pay is not expected to cause a dramatic change in Israel's digital payments market, but it is pushing other players to the realization that they, too, need to offer digital payment options and invest money and resources in development.
Today's report follows one from last week that also claimed Apple Pay would launch in Israel in the first week of May.
A technology giant enters activity in the payments market in Israel: If there is no last-minute change, Apple is expected to launch Apple Pay in Israel in the first week of May - its payment app. The infrastructure for the increase in service in Israel has been ready for several months, but according to estimates, the delay was due to both the closures in the economy and the need to ensure that there are enough businesses in Israel that can receive payment using this method.
It's currently unclear exactly which banks or credit cards will add support for Apple Pay in the country, but if the service catches on, those institutions should begin to follow.