Isreal is embracing all the best benefits of payment technology with the implementation of the EMV framework being fully completed last month; as reported by the country’s central bank.
The final milestone in the implementation of the EMV framework—to which all businesses were required to complete switching—as outlined by the governor of the Bank of Israel, was completed in July 2022 “with great success.”
In place across markets of the modern world, Israel’s adoption of the EMV framework places the country at the forefront of contemporary banking systems.
Nationwide EMV adoption has upgraded the area of advanced and innovative payments, which became an integral part of the transaction experience at businesses in Israel.
According to the data of Shva, as of July 2022, 98 per cent of payment terminals in Israel have been shifted to the EMV system.
In addition to this, 88 per cent of total transactions are now carried out in the EMV system, while 65 per cent of transactions in the EMV system are carried out via ‘smart payment’, 81 per cent of which are contactless.
Speaking on the nation’s alignment with international standards and the promotion of advanced payments, Bank of Israel’s payment and settlement systems department director, Oded Salomy, acknowledges how the State took “a significant leap”, and how, in a short space of time, “the payment card payments market in Israel changed.”
“This change is carried out in collaboration with many entities and participants,” reveals Salomy, “domestic and international, and the success of completing the third milestone is thanks to the efforts of many entities in the market, led by the payment card committee.”
Speaking on the nationwide transition to EMV, Yair Avidan, supervisor of banks, comments that the infrastructure switch will see the entry of “advanced payment services and new payment service providers.”
“We see that the Israeli economy is rapidly adopting new technologies and innovative digital services, and we are looking ahead to additional processes that will advance the financial system in general, and banking in particular, for the benefit of all the State’s citizens,” concludes Avidan.