Payments
Israeli card usage begins post-COVID recovery
July 21, 2021
The Israel card payment market dipped by 3.8% in 2020 due to COVID-19. However, the market is expected to rebound by 4.8% in 2021, according to a report by GlobalData.
The Israeli government has worked to support card and contactless payments through a variety of measures, such as a cap on cash payments and raising the cap on contactless payments from $62.22 million to $93.34 million.
"Robust ecommerce growth, and increased contactless payment limit are other important factors," Ravi Sharma, lead banking and payments analyst at GlobalData, said in a press release. "While the COVID-19 pandemic has resulted in reduced consumer spending, it also highlighted the importance of usage of non-cash payments, which is expected to push the use of card payments in the country."
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