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Full coverage· Economy· Updated

Bit Payment App Implements Dramatic Changes to User Funds Limits

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.

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Bit Payment App Implements Dramatic Changes to User Funds Limits
Illustration by baba

What happened

  1. 01Bit payment app users face new fund limits starting November 1.
  2. 02Unverified users will be limited to 5,000 shekels in their Bit account.
  3. 03Excess funds for unverified users will be automatically moved to their bank.
  4. 04Verified users can hold up to 50,000 shekels in the app.
  5. 05Verification requires updating personal details and answering identification questions.

To verify, users must update personal details and answer identification questions within the app's profile section.

Translated and summarized by baba from Kipa, the latest report. Read Kipa’s original

The coverage

2 newsrooms on this story

Who covered it

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How it broke

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