Israel
Israel, located in the Middle East, is renowned for its rich history, diverse culture, and leadership in technology, innovation, and agriculture. With a population of approximately 9 million, Israel has become a global hub for startups, high-tech development, and defense technologies.
The Israeli economy is resilient and adaptive, demonstrating strong recovery from the COVID-19 pandemic, with GDP growth of about 7.0% in 2021 and 5.5% in 2022, driven by a robust high-tech sector, tourism, and foreign investments.
Tourism in Israel is a key contributor to GDP and employment, attracting millions of visitors to Jerusalem, Tel Aviv, and the Dead Sea. Israel’s strategic location enhances its role as a trade hub, supported by international trade agreements, modern ports, and transport infrastructure.
Israel continues to diversify its economy, focusing on technology, renewable energy, and sustainable agriculture. Often called the “Startup Nation”, the country hosts thriving innovation hubs and startup ecosystems in cities like Tel Aviv and Haifa.
Inflation remains around 4% in 2023, with the Bank of Israel implementing monetary policies to maintain economic stability while fostering continued growth and investment.
Top banks
The financial landscape in Israel is robust, with several prominent banks in Israel providing a wide range of banking services, including retail banking, corporate finance, digital banking, and investment solutions. Here are some of the notable Israeli banks:
Bank Hapoalim
A leading bank in Israel, Bank Hapoalim offers retail banking, corporate banking, SME financing, digital banking, loans, savings accounts, investment solutions, and wealth management services. Known for its innovative financial products and customer-focused banking, it serves individuals, businesses, and institutions across Israel.
Leumi Bank
One of the largest and most trusted banks in Israel, Bank Leumi offers retail banking, corporate banking, business loans, digital banking, investment services, and wealth management. Renowned for its innovation, customer service, and secure online banking, Bank Leumi provides comprehensive financial solutions for individuals, SMEs, and corporations across Israel.
Mizrahi Tefahot Bank
One of Israel’s leading banks, Mizrahi Tefahot Bank offers retail banking, mortgage lending, corporate banking, wealth management, and digital banking solutions. Renowned for its customer-focused services, home loans, savings accounts, and investment products, the bank delivers innovative, secure, and reliable financial solutions for individuals, businesses, and institutions across Israel.
Israel Discount Bank
One of the largest banks in Israel, Israel Discount Bank offers comprehensive retail banking, corporate banking, investment services, and digital banking solutions. Known for its loans, savings accounts, wealth management, and financial advisory services, the bank provides innovative, secure, and customer-focused financial solutions for individuals, businesses, and institutions across Israel.
First International Bank of Israel
A leading bank in Israel, FIBI provides comprehensive retail banking, corporate banking, investment services, and digital banking solutions. Known for its loans, savings accounts, wealth management, and customer-focused financial services, FIBI delivers innovative and secure banking solutions to individuals, businesses, and institutions across Israel.
Top payment methods
Israel’s payment ecosystem is evolving, combining traditional banking with digital payment solutions. Mobile payment apps like PayBox and Bit enable secure peer-to-peer transfers, bill payments, and online shopping, supporting a cashless economy. Driven by technology adoption and changing consumer preferences, Israel is shifting toward digital and contactless payments, reflecting its innovation-driven economy and positioning the country as a key financial and technological hub in the Middle East.
Bit
Bit is one of Israel’s leading digital payment apps, backed by Bank Hapoalim and known for fast, secure peer-to-peer payments. Its simple interface and wide accessibility—without requiring a Hapoalim account—make Bit popular for everyday mobile payments, in-store purchases, online shopping, and international transfers.
Bit’s growing features, including budgeting tools, spending insights, and small-business payment options, position it alongside top global digital wallets. With fee-free personal transactions and bank-level security, Bit remains a trusted and convenient choice as digital payments continue to rise across Israel.
PayBox
PayBox is a leading digital payment app in Israel, popular for its fee-free personal transactions, allowing users to send and receive money, make mobile payments, and pay friends or family without extra costs. Its focus on social payments, peer-to-peer money transfers, group expense splitting, and transparent payment tracking makes it ideal for everyday transactions, shared bills, and small business payments.
With bank-level security, secure mobile wallet technology, easy app setup, and broad accessibility, PayBox has earned user trust as a reliable digital wallet. Its combination of convenience, fast mobile payments, cashless payments, peer-to-peer banking, and secure online transactions positions it as a preferred choice for personal finance management, social payments, and digital banking in Israel.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Israel’s payment landscape is evolving rapidly, with a growing adoption of digital payments, mobile wallets, and contactless solutions, reflecting the country’s shift toward a cashless economy and technology-driven financial services.
Cash
While cash is still accepted, its usage has declined in favour of digital payments.
Credit and Debit Cards
These are the most common forms of payment, with a high penetration rate among consumers. Major credit card companies operate in Israel, and contactless payments are increasingly popular.
Mobile Payments
Services like Apple Pay, Google Pay, and local apps such as Bit and PayBox have gained traction, allowing users to make payments via smartphones.
Bank Transfers
Bank transfers in Israel are a common and secure payment method, particularly for larger transactions such as property purchases, business payments, and utility bills. Israel’s modern banking system enables efficient domestic and international money transfers, supported by advanced online and mobile banking platforms. With the growing adoption of digital banking and electronic payment solutions, bank transfers in Israel are a reliable and convenient choice for both individuals and businesses.
Checks
Although their use has decreased, checks are still utilized in certain business transactions.
Digital Wallets
These are becoming more prevalent, providing a convenient way for users to store payment information and make transactions online or in-store.
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