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The EMV standard in businesses has recently come into use in Israel. This is an advanced payment standard that allows the use of advanced payment methods, including the mobile phone. From the end of November, all businesses with a turnover of at least NIS 100 million per year are required to work in this technology, and from July 2021, this will apply to all businesses.
The move was made as part of the economy’s transition to EMV clearing technology. Today, only 30% of businesses have already made the transition, which limits the use of only a digital card, so in the initial phase, the digital cards will also be issued as plastic cards, but later this operation will be redundant and only digital cards will be issued. In addition, until Apple Pay enters Israel, the service will only be possible through Android devices.
ICC notes that although the issuance of the card takes only a few minutes, the underwriting process will remain as high quality and responsible as it was and its acceleration is due to the digitization of the process and not from the fact that the conditions for issuing a card to new customers have been eased.
On the occasion of the launch of the service, ICC launched a digital credit card in collaboration with the BUYME app, which provides a 1% refund on every purchase made on the card in the first year of using it.
Levy Halevi, CEO of ICC, stated that: “ICC’s digital credit card includes a fast, advanced and secure issuance process that allows customers to start there immediately via mobile.”
The credit card company Isracard also allows the use of a digital card in the event of theft – and it is expected to launch a broader service for all customers in the coming weeks.
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