Bank Hapoalim (TASE: POLI) and online retail giant Amazon, which is set to launch in Israel, have signed an agreement whereby the Israel bank will offer a $30 discount for Amazon customers purchasing more than $90 on the website. The offer only stands for customers holding Bank Hapoalim’s credit card.
Amazon’s impact in Israel has been overestimated
The offer comes into effect from next Sunday, the week in which Amazon will begin online retail operations in Israel. The offer will remain in effect until October 5, during the anticipated massive retail operations for the High Holiday period.
This offer is an expansion of the cooperation already agreed between Hapoalim and Amazon several months ago. Hapoalim and Amazon agreed a package by which the Israeli bank will offer consultancy services and loans for companies wishing to participate on Amazon’s online retail platform and set up a virtual store and the required infrastructure.
This is an example of how Amazon’s launch in Israel impacts not only the retail sector but also the banking and finance system. During the summer Bank Leumi (TASE: LUMI) cooperated with Amazon by offering a $20 discount for every purchase over $50 for consumers using Bank Leumi’s credit card as well as Isracard and Max (formerly Leumi Card). As far as is known, Leumi has tried to sign a similar agreement ahead of Amazon’s upcoming launch in Israel.
Earlier this month, Amazon asked Israeli businesses to be ready to launch operations by next week.
Published by Globes, Israel business news – en.globes.co.il – on September 12, 2019
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Article source: https://www.globes.co.il/en/article-1001300408