Bank Leumi’s money transfer application (formerly Pepper Pay) closes on April 10, according to a message received by hundreds of thousands of customers | Leumi customers will be able to continue using the transfer services through the bank account – in the Leumi app – for mobile contacts | Meaning: Only two companies remain in the market, and one of them, Beat of Bank Hapoalim, holds a market share of about 80%
Shi Klein 27.02.2022
Competition in the payment and money transfer market in Israel is about to be reduced. Hundreds of thousands of customers who have ever made a transfer in the Pay app of Bank Leumi (formerly Pepper Pay) received a message as follows: We will mention that money transfers can be made to your PEPPER account, along with all the services available to you. “
Bank Hapoalim, which is considered a market leader (with about 80%), and Discount Bank’s Facebook will remain in the market.
Bank Leumi told Mako that “As part of improving the service experience, we decided to centralize a variety of advanced digital services in one place, in the Leumi app, including the money transfer service for mobile contacts. We will continue to upgrade our value proposition in the app and in the digital channels in the future, with additional advanced services that will save time and costs. ”
According to the report, Mako Leumi is closing the app due to financial costs.
It was also reported that the Bank of Israel may soon require the apps to make connectivity that will allow payments from app to app.