Google aims to bring its digital wallet to Israel this year, but not as soon as expected. Google planned to launch Google Pay in Israel within the next few weeks, but “Globes” has learned that the launch will be postponed and will take place only towards the end of the year. A precise date has not yet been set.
Moreover, it appears that Google will not operate its digital wallet via a dedicated app, unlike Apple Pay, which came to Israel in early May and within a month increased digital wallet usage by 800%. Google is examining several possibilities for operating its digital wallet, one of which is to attach it to an existing payment app.
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Google Pay’s advent in Israel will have a considerable effect on the digital wallets already operating in Israel, since it works on the Android operating system, which is on over 70% of smartphones used in the country. Apple Pay can only be used on telephones with Apple’s iOS operating system.
Google is not sufficing with payments; it intends to offer its customers a banking current account as well. This system, called Google Plex, began as a pilot scheme in the US early this year, enabling Google Pay users to open bank accounts through partnerships with eleven banks.
Google Plex accounts combined with Google Pay offer an attractive proposition to customers, for example, abolition of monthly fees, no need to maintain a minimum balance, use of AI-based insights to assist in meeting savings goals, cash transfers between individuals and among groups, and more.
Published by Globes, Israel business news – en.globes.co.il – on August 4, 2021
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