- Google Pay allows shoppers to pay for goods and services online or in retail outlets with a mobile application.
- Google is currently undertaking a round of meetings with fintech startups, credit card firms, bank executives, and regulators.
Tech giant Google is reportedly planning to introduce its Google Pay digital wallet platform and online payment system in Israel by the end of this year. As per trusted sources, Google is undertaking a round of meetings with fintech startups, credit card firms, bank executives, and regulators before launching its service in an emerging market segment.
Reportedly, Google Pay allows shoppers to pay for goods and services online or in retail outlets with a mobile application. The app is also being used in Britain, India, and the United States to transfer money between people. In nations such as Ukraine, Japan, and Russia, Google Pay can also be utilized to pay for public transportation.
According to a report by The Times of Israel, the digital wallet service enables users to provide credit card information to Google, then shop at online websites. The service also allows users to purchase from retail stores using their Google accounts, without having to hand their credit card information to every retailer.
Google Pay’s entry in the nation comes in the backdrop of a turbulent phase for the Israeli finance sector, especially the payments segment. According to the Strum law of the nation, Bank Leumi and Bank Hapoalim are mandated to sell off their credit card business – Leumi Card in the case in Leumi and Isracard in the case of Hapoalim.
In response, the banks have introduced virtual services. Israel Discount Bank has been providing the PayBox app in Israel after securing a license for the same in 2017. In the same year, Leumi commenced its branchless-banking unit Pepper, which also includes its Pepper Pay app.