BREAKING NEWS

Bank of Israel prepares report on e-payments

NOVEMBER 29, 2015 22:53

The Bank of Israel’s Joint Committee for Promoting Advanced Electronic Means of Payment published an interim report Sunday with recommendations on how to advance e-payments in Israel.

“Implementation of the committee’s recommendations will make it possible to promote the use of advanced means of payment and will encourage the development of new solutions that will in the future constitute means of payment held by each citizen,” committee chairman Irit Mendelson said.

The recommendations, which are now subject to public review, specify that the system would have to be put in place in an integrated way, coordinating between legal, technological and consumer infrastructure.

If implemented through legislation, the recommendations would promote point-of-sale (POS) infrastructure enabling contactless payments, such as Apple Pay, Android Pay and other NFC technologies, whether on cellphones, smart watches or even credit cards embedded with the technology.

It would also change the existing legal infrastructure and examine the transaction chain for digital checks.

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