Apple Pay Expected to Launch in Israel Early Next Month
After several false dawns, Apple Pay looks finally ready to come to Israel early next month, based on local reports.
According to Hebrew-language site Calcalist, barring a last-minute change, Apple is expected to launch its digital payment system in the country in the first week of May.
Several previous reports over the last year have hinted at an imminent Apple Pay launch in Israel, but so far it hasn’t come to pass. According to today’s report, the infrastructure for Apple Pay has been ready in the country for some time, and the delay has been due to closures in the economy and the need to make sure that enough businesses can accept the payment method.
Apple Pay payments go through Apple’s digital Wallet app for mobile iOS devices, therefore any financial entity that wants its customers to pay using the method must sign an agreement with Apple.
In the past year, several banks and credit card companies in Israel have signed such an agreement, and as part of the contract, they must pay Apple a commission derived from the amount of the transaction, estimated to be 0.05%.
Apple’s iPhones command a 20% share in Israel’s smartphone market, so there’s plenty of scope for Apple Pay to become a popular payment method in the country. First introduced in 2014, Apple Pay is now available in over 50 countries or regions around the world.
(Thanks, Morad!)
