Israeli bank launches digital wallet FibiPay to boost online payments

With an aim to disrupt and digitise the payment sector, the First International Bank of Israel launched new mobile wallet app, FibiPay.

Similar to e-wallets in the likes of Venmo and Google Wallet, FibiPay will allow users to remit money and make purchases directly from their smartphone without needing a physical credit or debit card. Customers can link their credit cards to their smartphone directly from the relevant bank’s app and make payments with a tap using the wallet.

Currently only available on Android smartphones, this new service can be used at stores in Israel and internationally simply by placing one’s device next to a payment terminal and the transaction is done without direct contact. While the service is accessible only for Visa credit card users at the moment, the firm said it will soon also support Mastercard.

Alongside FibiPay customers, the digital wallet can be used by users of various other banking brands such as Otzar Hachayal, Ubank and Pagi.

Highlighting some of the benefits of FibiPay, it said the FIBI app is free to download and use. The app can be used just like a physical wallet without needing to carry credit and debit cards, therefore also eliminating the possibility of forgetting PIN codes.

Apart from making payments and storing money in the digital wallet, the First International Bank of Israel offers other services including digital pension consulting, online account opening and advanced capabilities in the capital markets and investment.

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.