Bit Payment App Implements Dramatic Changes to User Funds Limits
Translated & summarized from Kipa by baba
Starting November 1, the Israeli payment app Bit will limit unverified users to 5,000 shekels, with excess funds automatically transferred to linked bank accounts. Verified users can hold up to 50,000 shekels. To verify, users must update personal details and answer identification questions within the app's profile section.
The story in 5 lines · by baba
- Bit payment app users face new fund limits starting November 1.
- Unverified users will be limited to 5,000 shekels in their Bit account.
- Excess funds for unverified users will be automatically moved to their bank.
- Verified users can hold up to 50,000 shekels in the app.
- Verification requires updating personal details and answering identification questions.
The Israeli payment app Bit is set to implement significant changes starting November 1, affecting how users manage their funds within the application. Under new regulations, users who do not complete an identification and verification process will face a limit of 5,000 shekels in their Bit account. Any funds exceeding this limit will be automatically transferred to the user's linked bank account.
Conversely, users who successfully complete the verification process will be permitted to hold up to 50,000 shekels in their Bit account. This change is particularly relevant for individuals who use the app not only for peer-to-peer transfers but also for receiving payments and holding larger sums of money.
To increase their balance limit, users must access the Bit app, navigate to the "Profile" section, and select "Personal Details." There, they will need to answer several identification and verification questions as required by law. Upon completion, the higher balance limit of 50,000 shekels will be applicable, subject to user-specific terms.
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