Allied Wallet Adds Support For New Payment Methods
Allied Wallet, a global provider of online payment processing, announced Tuesday (April 30) it is now compatible with several new payment methods in Israel.
In a press release, Allied Wallet said that while the eCommerce market in Israel is still small on an international scale it is showing an amazing growth rate and a high per capita expenditure. To support the rapidly growing eCommerce environment, Allied Wallet said it wants to support different payment methods.
“Allied Wallet is now proudly accepting these local payment methods in its global platform to further connect business owners and shoppers globally,” said CEO Andy Khawaja, in a press release. “We want to promote a better global connection and create better opportunities for people to share goods and services worldwide.” The company said it is now supporting local payment methods including Isracard, Mint, Mobiamo, WebMoney and Yandex.Money. Allied Wallet said Isracard accounts for 19 percent of the online transactions in Israel. Meanwhile, WebMoney and Yandex.Money service millions of users around the globe in different currencies.
According to Allied Wallet, one of the reasons eCommerce is growing quickly in Israel is that residents are open to cross-border shopping, with around 80 percent of products purchased from countries outside of Israel. The consumers mainly shop from businesses in Turkey, Germany, India and China, Allied Wallet noted in the press release. The company said 80 percent of payments are card-based, while 86 percent of online transactions are made from desktop computers. Sales are booming in electronics, media and fashion. What’s more, Allied Wallet said 98 percent of Israelis between the ages of 16 and 25 are online.
Israel has long been a hotbed for startups in the payments and advanced technology markets. That hasn’t been lost on big companies in America. U.S. retail giant Walmart recently acquired Aspectiva, an Israel startup that is focused on natural language processing. In Israel, Walmart has already made investments in Team8, an Israeli think tank and tech incubator, and launched a joint venture with Eko, a media and technology company. Walmart also recently joined The Bridge, a tech accelerator program that connects global companies with the tech startup community in Israel.