It is being reported that Apple executives have started meeting banks and credit companies in Israel so that they can start offering Apple Pay in the region.
Isreali publication Calcalist reported that Apple is planning to launch its mobile payment solutions in the country. Apparently, senior executives from the Cupertino-based firm have already begun meeting various banks, credit companies, and finance solution providers to form agreements.
It is being reported that Isreali firms were quite surprised to know that Apple planned to charge a fee of 0.2 percent on every transaction made via Apple Pay. The iPhone maker seems to charge a fee of anywhere between 0.15% to 0.25% on each transaction made through its mobile payment solution. Sources who did not wish to be named said that Apple is charging too much and that it is exploiting its position and power.
The Bank of Israel has announced that mobile devices can use the EMV (Europay, MasterCard and Visa) standard to make payments in the country starting November 2020. According to the report, executives from the Israeli financial system have met Apple to cut a lucrative deal.
Israel’s credit card activity has reportedly reached over $101 billion, which means that Apple could get millions of dollars in revenue if iPhone users start using Apple Pay for most of their purchases. According to the latest data, Apple has captured 15 percent of the market in the country.[Source: Calcalist]