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Israelis can now start using Google Pay.Here’s how it works-business

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Google launched its payment app service, Google Pay, in Israel on Tuesday.

Most Israeli smartphone users (who use Google’s Android operating system since version 5.0 and make up about 80% of all Israeli smartphones) can now purchase in stores using Google Pay.

Where can I use Google Pay?

When you’re ready to pay at the store, unlock your phone and place it near your wireless retail device. You don’t even have to open the Google Pay app.

How does payment work?

Download the paid app from Google’s Play Store and add your credit card details from either the bank or credit card company that supports the app.

The list includes: Bank Hapo Alime. Bank Leumi, including a subsidiary of Pepper. Israel Discount Bank; Mizrahi Tefa Hot Bank; First International Bank; and Bank Yahab.

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The three credit card companies are Isracard, Max and VisaCal.

What if my phone is lost or stolen?

Google said in a statement announcing the launch of the app in Israel that the actual credit card number and payment details would not be stored on the phone or sent to the store.

A virtual credit card number called a “token” is used to make purchases with Google Pay. This number is unique to each smartphone and is linked to a dynamic security code that changes with each purchase.

It’s similar to the technology implemented in Apple Pay digital wallets and is based on Mastercard’s technology.

So if your phone is stolen, you don’t have to cancel the credit card number entered in the app because your credit card data isn’t stored on your device.

According to Google, in such cases, you can use the “Find Phone” feature from anywhere to lock your phone immediately and protect it with a new password. You can also erase your credit card details from your personal information just in case.

Consumers choose only one digital wallet

“One of Google’s built-in advantages is that they are open wallets. Today, if you have a few credit cards in your wallet, there are several ways to put all your cards in your digital wallet. I need a digital wallet. ”

“Most users don’t bother to download multiple wallets,” said Oz Azaria, Mastercard’s director of business development.

“Unopened wallet” means from a local provider, such as using it only with a bank or credit card company’s credit card.

This is why Azaria expects consumers to increase their use of digital wallets in general in Israel.

Google Pay arrives after about 7% of Israeli payments are made via digital wallets and there are already a large number of Israeli Android mobile wallets.

All three major credit card companies and four major banks operate digital wallets. However, before Apple Pay was launched in Israel in May 2021, the general public rarely used these apps for over-the-counter purchases.

The excitement has subsided a bit since its launch, but most of the use of digital wallets in Israel today is by Apple Pay users, even though it accounts for only 20% of smartphone users.

The new contactless EMV selling point has grown from 2% of sales to the expected 75% by the end of this year within two years.

Will banks and credit card companies be able to compete with Google?

“There are places around the world where banks are also offering great competition to Google. If the wallet isn’t just a payment instrument, it offers other value, such as working with retailers and brand loyalty programs. Or, if it’s an application you use every day anyway, there’s room for other powerful players. ” Azaria.

Google Pay may allow you to store and use many credit cards, but only one of them can be selected as the default. Many of the banks and credit card companies involved have already announced that they will offer benefits to customers who use their cards at Google. payment.

Sources

1/ https://Google.com/

2/ https://www.haaretz.com/israel-news/business/.premium-israelis-can-now-start-using-google-pay-here-s-how-it-works-1.10446012

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