The report Payment
Landscape In Israel: Opportunities and Threats 2021 gives a
detailed insight about the payment industry in Israel. The report extensively
talks about current and forecast values for each market in the Israeli cards
and payments industry, including debit and credit cards. The report also
includes detailed insights into payment instruments including credit transfers,
cards, cheques and direct debit. It also, includes an overview of the country's
key alternative payment instruments. Various government regulations and market
drivers of the cards and payment industry are discussed. Different strategies
used to market debit and credit cards by the Israeli banks and institutes are
analysed. The top market players in the payment industry of Israel include
Isracard, ICC CAL, Leumi Card, Imagen, TBI Credit, PayPal, Neema, Visa, Mastercard,
Diners Club and American Express.
Israel is a Middle- East country.
Though the country is small by area, it has a
rich geographical diversity. It is a developed country and the 32nd
largest economy in the world. The country has one of the highest literacy rates
in the world and had one of the highest life expectancies in the world. Global
payments revenue has been increasing in multi-fold despite many disruptions in
the market. As customers have become more and more comfortable with swiping
cards and paying through mobile phones, the digitalisation of transaction
industry is also expected to give way to its infrastructural development. In Israel,
the government has been proactively propagating the use of digital payments and
transaction and thus imposing restrictions on cash transactions on businesses
and consumers. In Israel, internet retailing is growing in a strong rate due to
increased standards of living and it accounts for the highest number of
packages per capita among the OCED countries. Studies show the growth of card
market strong post 2017 due to people’s preferences of cards over cash.
To encourage card payments, the Bank
of Israel has been incentivizing the merchants by cutting the interchange fee
rates over the past three years and is further expected to be cut down to boost
card payments. As the credit card market is concerned, as a cue to encourage
competition, the government has instructed in divestment of credit cards of the
top two banks in Israel by 2020. This is expected to bring more international
players in the market. To reduce the cash dependency, the government is set to
impose caps on cash transactions and restrictions on cheques, with effect from
2019. The trends show the country’s increased flow of foreign capital and
investment mainly supported by government regulations and laws.
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Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
