Electronic Payment In Iraq Is Moving Towards Stability, 20 JAN

 Electronic Payment In Iraq Is Moving Towards Stability

 January 17, 2024     Last updated: January 17, 2024  Independent/- The Central Bank of Iraq revealed that it is addressing the problems facing the electronic payment system, in coordination with financial institutions, indicating at the same time that the system is moving towards stability.

Director General of the Information Technology and Payments Department at the bank, Adnan Asaad, said that the year

2023 witnessed the most important breakthrough in the field of electronic payment, and that the

Iraqi government seriously supports the efforts being made in detailing the development of electronic payment.

Asaad stressed that  the crisis that befell the country due to the bad use of cards and electronic payment tools had left a negative impact,

but thanks to the measures taken in cooperation with international financial institutions, many problems have been addressed and the electronic payment system has tended to stability.

For his part, Member of Parliament Hussein Arab  stressed the inevitability of activating the role of the private sector and making it a basis for the process of economic advancement, which requires the presence of advanced financial services that rise to global standards.

Arab pointed out that the world has come a long way in digital transformation, and

we must keep pace with the developments the world is witnessing in this important field.

As for the Executive Director of the Association of Private Banks in Iraq, Ali Tariq, he

stressed the continuation of efforts to enhance the culture of electronic payment, which represents a governmental and legislative direction for the next stage. Tariq pointed out that

the Association of Banks and Large Financial Institutions is working to spread the culture of electronic payment due to its awareness of the importance of digital transformation and providing quality services to all segments of society.

Ahmed Kazim, Investment Director at the International Smart Card Company,

explained the importance of digital transformation and that it should be coupled with the launch of advanced electronic payment products that maintain money paths with high transparency. Kazem stressed that

government support for the digital transformation process facilitates many operations and makes services rise to global standards in providing advanced products that suit the growing Iraqi labor market.

The founder of the (Electronic Payment Culture in Iraq) platform, Nabil Al-Najjar, stressed that Iraq cannot move away from the global financial system, especially since

it is an important axis in the global economic arena, which requires us to work to keep pace with the global developments that the world is witnessing in the financial sector, which represents the axis. Most important in the process of economic development.

Al-Najjar stressed that the country is moving in the right direction in the field of digital transformation, and

the most important thing in this axis is the citizen’s interaction with electronic services, the spread of which is expanding in an acceptable manner.

Prospects of electronic payment in Iraq

Statements by Iraqi officials indicate that the electronic payment system in Iraq is moving towards stability, and that

there are great efforts being made by the government and the private sector to enhance the culture of electronic payment and spread it among citizens.

There are several factors that support the growth of electronic payment in Iraq, including:

    Government support for the process, as the Iraqi government considers electronic payment to be one of the basic pillars of digital transformation and improving financial services.

    The growth of the business sector in Iraq, as the Iraqi economy is witnessing steady growth, which leads to an increase in the volume of financial transactions.

    The spread of the use of smart phones in Iraq, where more than 60% of Iraqis own smart phones, which facilitates the use of electronic payment applications.

Electronic payment in Iraq is expected to witness significant growth in the coming years, as the volume of electronic transactions in Iraq is expected to reach $10 billion by 2025.

There are several challenges facing the growth of electronic payment in Iraq, including:

    Weak financial culture among citizens, as many Iraqis still prefer to use cash payment.

    Weak communications infrastructure in some areas in Iraq, which limits the spread of the use of the Internet and electronic applications.

The Iraqi government and the private sector are working to confront these challenges by launching awareness campaigns to enhance financial culture among citizens and improve communications infrastructure throughout the country. https://mustaqila.com/الدفع-الإلكتروني-في-العراق-يتجه-نحو-ال/