Israel Credit Cards-Cal (ICC), Israel’s third largest credit card company with 1.45 million active credit cards, and mobile carrier Cellcom Israel have signed a letter of intent to jointly develop an NFC-enabled mobile wallet service.

The partners will establish a “customers club” for Cellcom subscribers, whose members will receive a mobile version of an ICC credit card that can be used to make contactless mobile payments on an NFC-enabled smart phone. Club members will also be eligible to receive various benefits and discounts.

According to ICC, most payment systems in Israel are not yet equipped with NFC technology, but the mobile wallet project represents a “long-term strategic measure that will be a growth engine.”

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