Digital Bank (pixabay photo)
Data from the Shebaa (Automatic Bank Services) Company, which manages the national credit card payment system in Israel, show that the decline in Israelis’ spending on credit cards during January did not stop the growing trend in the use of digital wallets. With a total amount of NIS 673.37 million, this is an increase of 13.7% compared to the total amount in December, which was NIS 592.49 million.
The ISA estimates that the volume of expenses in digital wallets could have been significantly higher since during January, there was a 12% decrease in the amount of purchases made by Israelis in physical transactions in businesses. The volume of purchases in credit in businesses during January amounted to NIS 13,343 billion. In digital wallets, 5.1% of the total expenses in physical transactions.
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According to the ISA, the use of smart transactions by the Israeli public continued in January. 63.1% of all credit card expenditures in October were made through the EMV system. Expenditures in January amounted to NIS 21,294 billion out of total expenditures of NIS 33.761 billion. In November 2020 , Which included the use of EMV in businesses with revenues of more than NIS 100 million, expenses through the EMV system amounted to NIS 7.901 billion and accounted for a total of 25.4% of total expenses per month.
The ISA also shows that 72.7% of all credit card transactions during January were smart transactions, an increase of 5.2% compared to December in which 69.1% of all credit card transactions in Israel were smart. The increase in the number of digital wallet transactions in January was 13.1%. Sharper compared to the increase in total transactions in the EMV system.
ISA CEO Eitan Lev Tov: “We see that the implementation of digital wallets is expanding in Israel and the public is using payment more via smartphones or apps. “The increase in spending on digital wallets is even more pronounced against the background of the decline in spending on physical transactions in January, which was due to the morbidity of the Omicron wave and also due to the winter weather that befell Israel.”
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