Bit (pexels photo)
Bank Hapoalim’s payment application, bit, may suffer quite a bit of damage soon due to a new decision by the Ministry of Finance aimed at reducing the application’s control over the phone money transfer market.
A major move being promoted by the Ministry of Finance and the Competition Authority as part of the upcoming Settlements Law will attempt to decentralize control of the money transfer market in Israel. In that it will be possible to transfer funds to another payment application, using only the phone number.
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As mentioned, currently those who have an application such as Pepper or Paybox cannot receive or give money to those who have a Bit application. Therefore, he is obliged to download it and enter his details and his credit details, the goal is to change this story.
As stated, “the goal of the ministry is to thereby increase the ability of consumers to transfer funds from one to the other in a variety of ways and with relative ease compared to what has been the case so far. The move, if enacted, will be significant since the great advantage of the applications lies in the fact that transferring funds through them is considered particularly simple.”
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