Bank Leumi (TASE:LUMI) announced this morning that it has signed an agreement with Google to allow the bank to offer its customers the Google Pay digital wallet. After the launch of Google Pay in Israel, the bank’s customers will be able to use both Google Pay and Leumi’s own Pepper for payments in both physical and online stores.
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Google delays Google Pay launch in Israel
Leumi customers can also already use the Apple Pay digital wallet which was launched in Israel in May.
Google had planned to launch its digital wallet in the third quarter of 2021 but has decided to postpone the entry into Israel until the end of the year. No precise date for the launch is yet available.
Leumi customers can connect to Google Pay via the Leumi and Pepper apps or directly from their Android operating system, providing Goggle changes its plan to only allow connecting to the digital wallet through a designated app.
With relatively few Israelis using the digital wallets of Hapoalim (Bit), Leumi and the credit card companies, Apple Pay’s entry into Israel four months ago has increased the use of digital wallets in the country many times over. Google is still finalizing plans for how Google Pay can be accessed in Israel.
The introduction of Google Pay will boost digital wallet use in the country even further with over 70% of Israelis using mobile phones with Android operating systems. iPhone users can only use Apple Pay.
Leumi head of payments and innovation Eyal Perry said, “After Leumi was the first bank to offer customers payments from mobile phones, I am delighted that today we are also the first to bring the innovative forefront of technology to our customers. Our outlook at Leumi is for open banking and cooperation with tech companies in order to make a range of innovative products accessible for our customers.”
Published by Globes, Israel business news – en.globes.co.il – on September 2, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021