"ANALYSIS OF IRAQ NEWS: AN ECONOMIST SHOWS THE PROS AND CONS OF SWITCHING TO ELECTRONIC FINANCIAL PAYMENT" BY MNT GOAT, 15 FEB

AN ECONOMIST SHOWS THE PROS AND CONS OF SWITCHING TO ELECTRONIC FINANCIAL PAYMENT

From an 11-25-2023 article. Do you remember it?

Information/private..
Today, Saturday, the economic expert, Nasser Al-Kanani, explained the pros and cons of the expected shift to dealing with electronic payment methods via bank cards, while he stressed that taking this step will open another door to corruption at gas stations.

Al-Kanani said in an interview with the Maalouma Agency, “The shift to electronic payment at gas stations will contribute to increasing the sale of oil derivatives outside government and private stations due to the absence of a culture of electronic payment and the ignorance of most citizens of this new mechanism,” wondering about “how the government deals with taxis that need to enter the stations on a daily basis.”

He continued, “There are positives from the decision, which is considered a qualitative leap in the field of banking and keeping pace with the global development of electronic payment methods,” pointing out that “the step is positive if it is implemented correctly by the concerned authorities and citizens.”

He added, “Taking this step will open another door to corruption at fuel stations and will exacerbate smuggling operations,” noting that “it is necessary to exclude the taxi category because the number is very large compared to the procedures for depositing money and filling from stations and other operations.”

The Council of Ministers for the Economy had confirmed the activation of the electronic payment service, as the decision stipulated that the system enjoys a high level of protection and security, reduces time and effort, and contributes to stimulating the movement of the economy, facilitating the procedures for granting a license to collect bank cards, and exempting all electronic payment (POS) transactions from… Taxes, amid a positive step and not without negativity towards developing the banking sector and electronic payment methods to keep pace with the outside world, in addition to converting financial transactions from cash to electronic.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/