Advisor To The Prime Minister: Electronic Payment Enhances Economic Development Efforts, 16 JAN

 Advisor To The Prime Minister: Electronic Payment Enhances Economic Development Efforts

Economical 01/15/2024 Baghdad: Hussein Thaghab   The Executive Director of the Iraq Fund for Development, Muhammad Al-Najjar, said that the digital transformation that the country aspires to achieve represents the most important steps in the next stage, and an important axis of the development process that Iraq seeks.

He added to "Al-Sabah" that  developing performance within the Iraqi labor market is extremely important and a prominent focus in achieving goals, and that  the financial sector represents the size of the corner to make plans a reality, which requires the presence of an advanced financial sector that adopts advanced work mechanisms.

Al-Najjar explained that the  presence of an advanced financial sector that relies on advanced financial transactions is an attractive element for specialized global efforts, especially since  the Iraqi labor market is vast and accommodates great local and international efforts.

He explained that  the shift towards electronic payment carries many positives that secure the reality of financial transactions in Iraq, pointing out that the clear interaction between beneficiaries and electronic payment leads to the spread of these transactions on a wider scale in the country.

Executive Director of the Association of Private Banks, Ali Tariq, confirmed that there is a clear and tangible increase in the volume of daily payments through electronic payment cards, whether in government payments or the private sector, and that

the current year will witness the launch of the Iraqi National Company for the Management of Payment Systems, which contributes to facilitating government payments via the Internet.

There will be a wider spread of payment systems throughout institutions and the provision of broader programs to stimulate the use of electronic payment.

He said that  the directions of the government and the Central Bank provide a historic opportunity to stimulate and use electronic payment, as these trends witness a clear focus and the issuance of many decisions that serve to accelerate its use in a way that ensures expansion of its adoption, pointing out that

Iraq is witnessing for the first time decisions that serve the electronic payment process in the presence of an infrastructure. Infrastructure at the Central Bank, the banking system, and electronic payment companies. He pointed out that

the outside world has witnessed a major revolution in the field of electronic payment and a complete move away from cash dealing, as  it provides safe paths for funds and their transfer without any disruption.

In Iraq, electronic payment will expand to the extent that the benefits of the largest segment of society will be felt.

Tariq revealed that the number of electronic payment points has tripled during the year 2023, and

it is hoped that it will double to greater and greater levels in the coming period. He indicated that

last year witnessed a transition in expanding the use of electronic payment, as the collection project for government and private institutions was approved in the middle of last year, which was an important detail of the government program and within the strategy of the Central Bank of Iraq.

He stated that  electronic payment follows several paths, the most important of which is providing POS acceptance points in government institutions and private projects, noting that the number of cards today in Iraq exceeds 15 million cards of various types, and that issuing electronic payment cards is not a complicated matter.

Regarding the transition to fully adopting electronic payment, Tariq pointed out that the matter requires the presence of at least one electronic payment method in government and private institutions that guarantees easy performance for the citizen, pointing out that  all institutions now have devices that accept electronic payment, but the citizen is not forced to use it. Adopting this mechanism.

He pointed out that the most important challenges facing this matter are the need for broad education campaigns for all segments of society in order to achieve the widest spread after knowing the benefits obtained through electronic payment, which greatly reduces corruption and provides safe transactions.

As for the advisor to the International Smart Card Company, Ghazi Al-Kanani, he stated that the reality of electronic payment in Iraq is expanding greatly and the citizen is interacting with the services provided, especially with the continuous updating of products that have come to touch the citizen’s life and provide him with what meets his needs.

He pointed out that  the continuous development of electronic payment mechanisms and achieving universality in providing products represents a fundamental goal, as the global electronic transactions market is witnessing rapid and continuous developments, and work is continuing to benefit from these developments that contribute to the creation of new and important products.

He stressed that  the government’s directives and the instructions of the Central Bank of Iraq support the process of transitioning to cash transactions, as they provide safe services and a clear flow of money paths, noting that developing the reality of electronic payment in Iraq represents an important step in support of achieving economic advancement.    https://alsabaah.iq/90422-.html