Apple Pay is gearing up to launch in Israel

Apple in talks to bring Apple Pay to Israel
Apple has been in talks to bring Apple Pay to Israel for a while.
Photo: Jim Merithew/Cult of Mac

Apple Pay is finally gearing up to launch in Israel, marking the 61st territory to offer Apple’s mobile payment solution. Apple has been supposedly negotiating for months to bring Apple Pay to Israel, six years after the service initially launched in the United States.

The Isracard Group, a financial group including MasterCard and American Express Israel, will support the service. No launch date has yet been announced, although the deal reportedly runs for four years.

Apple Pay’s arrival in Israel was held up by a disagreement over transaction fees. Apple asked for a 0.15 percent to 0.25 percent cut of every Apple Pay transaction. That’s up to one-third of the money a credit card issuer makes from a transaction, thereby eating heavily into their fees. It is not clear whether Apple came to a more favorable agreement or whether the financial institutions backed down.

Apple has previously butted heads over Apple Pay terms and conditions. Things got fairly heated before Apple was able to garner the support of Australia’s major banks to launch Apple Pay in Australia.

Apple Pay in Israel

Apple has strong links in Israel. That is largely due to the local tech scene. The company has its biggest R&D center outside the United States in the country.

Apple has been rolling out Apple Pay to new markets on a continuous basis over the past few years. Things have been a bit slower in 2020 than in previous years, however. This likely relates to the challenges of the coronavirus pandemic. This year, Apple Pay debuted in Montenegro in January and Serbia in June. It’s set to arrive in Mexico in December. By comparison, last year it launched in 24 new markets.

Are you a regular Apple Pay user? Let us know your thoughts in the comments below.

Source: Ynet

Via: Apple Insider