The decision was reached due to the intention by Visa ICC and Leumi Card to issue MasterCard.
Bank Hapoalim will start issuing and clearing Visa cards toward the end of the year, through the Isracard credit cards company it owns. "Globes" heard this today from Bank Hapoalim deputy general manager Joseph Dauber, who is in charge of the credit cards department.
Isracard currently issues and clears Isracard and MasterCard credit cards.
The decision to issue and clear Visa credit cards too was against the backdrop of, for one thing, announcements by Visa ICC and Leumi Card of their intention to enter into MasterCard in which Bank Hapoalim has hitherto held a monopoly. It is still not clear, however, when the two competing credit card companies will start to issue and clear MasterCard cards.
Dauber estimated that once a new equilibrium emerges in the credit cards sector, the companies would once more start collecting membership fees. "Membership fees will be back, I just don't know when", he said.
Published by Israel's Business Arena on 11 July 2000