HitechZone Partners With Cal For New Digital Foreign Currency Wallet

HitechZone, a consumer club for tech industry employees, is expanding its financial services by launching a digital foreign currency wallet in collaboration with Cal (Credit Card Company Ltd.). The new service, announced Tuesday, will allow club members to purchase foreign currencies through the Cal app, manage balances in various currencies, and use them for payments abroad and on international e-commerce sites. A key feature is the ability to pre-purchase currency, so when a payment is made in a currency held in the wallet, the amount is debited directly, avoiding new conversion fees for each transaction. The service also enables cash withdrawals abroad from the foreign currency balance.

For HitechZone's non-bank cardholders, the wallet will be linked to their existing card, managed through Cal's interface. Members with bank-issued cards from Bank Hapoalim or Mizrahi Tefahot can also join using a dedicated card for the service, which will support Apple Pay and Google Pay.

The market for foreign currency wallets and international payment solutions has become increasingly competitive, with dedicated companies offering currency purchase, payment, and cash withdrawal services alongside credit card companies. Competition focuses on exchange rates, fees, and user convenience.

For HitechZone, this move aligns with a broader strategy to expand financial services beyond traditional consumer benefits. The club aims to offer a comprehensive suite of financial services to its members, leveraging its user base for partnerships with financial institutions. This initiative follows a recent collaboration with Horizon, a subsidiary of Altshuler Shaham, offering members a digital currency trading account with 24/7 trading, reduced fees, and a low minimum deposit. HitechZone presented this crypto partnership as part of its financial expansion, providing access to digital asset markets through a regulated Israeli entity, handling tax and banking aspects.