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Payments/IL

Israel

ISO IL · 3 schemes

Summary

  • Bit dominates with 90% market share (3.5M customers)
  • PayBox holds 10% with 1.4M customers
  • 38% digital wallet transactions in 2024 (up from 26%)
  • No unified national QR standard - proprietary systems
  • Fees introduced January 2025 for high-volume users

Banking landscape

Central Bank

  • Name: Bank of Israel (BOI)
  • Website: https://www.boi.org.il/
  • Role: Monetary policy, banking supervision

Major Banks (2024)

Rank Bank Name Type Payment App
1 Bank Hapoalim Private Bit
2 Bank Leumi Private Pepper Pay
3 Israel Discount Bank Private PayBox
4 Mizrahi Tefahot Private Bank app
5 First International Private Bank app

Market Structure

  • Hapoalim: Largest bank, operates Bit
  • Discount Bank: Operates PayBox
  • Duopoly: Bit and PayBox dominate P2P
  • Digital wallets: 38% of 2024 transactions

Payment infrastructure

National Payment Systems

System Operator Type Status
Bit Bank Hapoalim P2P/P2M Dominant
PayBox Discount Bank P2P/P2M Active
Shva Banking consortium Card clearing Active
Masav BOI ACH Active

Bit Statistics

  • 90% market share in app payment transfers
  • 3.5 million customers
  • NIS 700 million losses since launch
  • Expanded to all bank customers

PayBox Statistics

  • 10% market share
  • 1.4 million customers
  • NIS 250 million losses since launch
  • QR codes and payment links

QR code standards

Current State

  • No unified national QR standard
  • Proprietary systems: Bit, PayBox
  • QR codes used: For P2M payments
  • Payment links: Alternative method

Bit QR Features

  • Merchant payments via QR
  • P2P transfers
  • Digital wallet (approved 2024)
  • All Israeli banks supported

PayBox QR Features

  • Business payments via QR
  • Payment links
  • Group collections
  • Digital credit card (2022)

Payment Methods Comparison

Feature Bit PayBox
QR Codes Yes Yes
Payment Links Yes Yes
P2P Yes Yes
P2M Yes Yes
Digital Card Planned Yes (2022)
NFC/Tap Via card Yes

Mobile payment apps

App Provider QR Market Share
Bit Hapoalim Yes 90%
PayBox Discount Yes 10%
Pepper Leumi Limited Growing
Apple Pay Apple No Active
Google Pay Google No Active

Bit App Features

  • P2P transfers (instant)
  • Merchant QR payments
  • Split bills
  • Request money
  • All bank connectivity

PayBox App Features

  • P2P transfers
  • QR code payments
  • Group collections
  • Digital credit card
  • Tap payments (NFC)

Schemes

Scheme Type Symbology Adoption Technical standard
Bit QR Proprietary App-specific 90% share bit
PayBox QR Proprietary App-specific 10% share paybox
Shva Card clearing National Universal —

Sources

Full country report

IL-israel.md

Schemes

Standards

Primary · 3

Mentioned · 1

source · docs/payments/IL/index.md