Another malfunction in the Bit application: money cannot be transferred
Users who tried to launch the application this morning encountered an error message titled "Data not loaded, try again". The application operates under the Financial Markets Division of Bank Hapoalim and serves 3.5 million active users.
A malfunction has occurred in the Bit application of Bank Hapoalim. Users who attempted to launch the application this morning (Tuesday) encountered an error message stating: "Data not loaded, try again". Every subsequent attempt resulted in the same message. This application is the most widely used in the country for cash transfers and payments between individuals, and it should be noted that several malfunctions were recorded in the system over the past year.
Currently, Bit dominates the majority of the market, but it has gradually been losing market share to the competing application from Israel Discount Bank, PayBox. The latter has gained momentum by not charging commissions, instead limiting the amount of monthly money transfers, except for those who hold a dedicated credit card.
Bank Hapoalim stated:
"We are currently identifying a malfunction affecting the operation of the Bit application. The issue is being handled, and the teams at Bit are working to resolve it as soon as possible. We apologize for the inconvenience."
The Bit application operates under the Financial Markets Division of Bank Hapoalim and serves 3.5 million active users. The average turnover of P2P money transfers in Bit amounted to 2.45 billion shekels per month last year. However, it is not possible to determine the exact scope of the commission the bank collected last year from the use of Bit.
Payment applications entail significant operational costs for both banks. Because these applications use credit card infrastructure for payments, every transfer incurs a fee to credit card companies. Bank Hapoalim's solution has been to charge a commission to customers receiving funds. Starting in May, Hapoalim will increase the commission charged to customers who receive funds through the platform.
In April, Bit sent the following message to customers:
"We wanted to update you that on 01.05.26, the commission rate will change on amounts entering your Bit account beyond 25,000 shekels per calendar year when receiving money from individuals. The payment receipt commission will be 0.8% (instead of 0.6%). Thank you, the Bit team."
The commission is collected from those who receive over 25,000 shekels per year and is capped at 100,000 shekels (meaning the maximum charge reaches 600 shekels).
