Central Banking

Bank of Israel hails milestone in move to ‘smart payments’

mobile-payments

The Bank of Israel has welcomed an important milestone in its effort to promote “smart payments”, as more than half of payment terminals in Israel now support such transactions.

The central bank has mandated that payments firms gradually phase out magnetic-stripe payments in favour of ‘EMV’ or chip-based payments. As of the end of January, 54% of payment terminals accepted EMV payments.

EMV opens up a wider range of payment options, including contactless card payments or the use of ‘wearable’

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