Electronic payment… Money is hoarded in homes and education is not at the required level
Not long ago, Iraq took the first steps towards attempts to activate the electronic payment system. These steps began by localizing employee salaries, and then installing electronic payment devices in several places, including gas stations. However, many experts and specialists still see… The culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the widespread corruption in the country, which hinders its full implementation.
Economic experts believed that education for electronic payment in Iraq is not yet at the required level.
According to experts , the Iraqi government, through attempts to implement electronic payment, aims to withdraw the monetary mass circulating in Iraq, which amounts to 84 trillion dinars.
The economic expert, Nasser Al-Kanani, believes that implementing the electronic payment system in all governmental and non-governmental sectors is difficult to achieve in Iraq, due to the lack of electronic culture among citizens of all segments, indicating that “cash payment cannot be stopped and will remain partially due to its necessity.”
Al-Kinani told Ultra Iraq, “Money is naturally stored among citizens and the possibility of withdrawing it and making it electronic in digital payment cards cannot happen without planning and persuasion.”
According to Al-Kanani, “the best way for electronic payment to be successful is for the Central Bank to carry out the process of s deleting 3 zero from the currency, printing new currencies, and announcing a period of one month for citizens to exchange all their money with a new edition, which will give an impression of the strength of the dinar against the dollar and the rest of the currencies.”
When this step is achieved, the government – speaking to Al-Kanani – “will replace 10% of the money and deliver it to citizens, while the remainder is placed in a bank account that is opened for every citizen, depositing his money and giving him an electronic card to withdraw from it,” stressing that “this step will eliminate… Cash circulation, corruption and hoarding operations, as well as currency smuggling in one way or another.”
Al-Kanani said, “Education for electronic payment is not at the required level now, and its application in gas stations and determining the period of total commitment to it are considered impossible to achieve because the problems that occur with this process now, with the failure of payment devices to the exclusion of others in the rest of the economic interests, raise many question marks about the seriousness of the limit.” Whoever deducts more than the price.”
Al-Kanani also believed that “the government’s step now to talk about electronic payment and oblige citizens is a step towards a thousand miles in this project compared to successful experiences in many countries such as the United States of America, represented by the Federal Bank, whose electronic card is used everywhere, in addition to the Lebanese Byblos Bank and its card, which is used as an example.” In Baghdad, this is what spreads a global culture in these countries, unlike the poor culture of these dealings in Iraq, because the citizen lost confidence in the state after 2003 due to impromptu political decisions and the absence of real planning.”
An economist said that cash payment cannot be stopped and will remain partly due to its necessity.
Despite what the expert said about the “difficulty” in implementing the electronic payment system, the World Bank, on February 7, claimed that the infrastructure for electronic payment systems in Iraq is “among the best in the region,” according to a statement issued by the Central Bank of Iraq.
On the sidelines of Sudanese’s participation in the Davos Economic Forum, last January, a government statement said that the World Bank supports measures to develop the banking sector, especially the electronic defense system, which attempts are being made to adopt in Iraq.
On January 17, 2023, the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service, as the decision stated that “the system enjoys a high level of protection and security, reduces time and effort, and contributes to stimulating the movement of the economy.”
The previous government decision obligated the Central Bank to “facilitate the procedures for granting licenses to collect bank cards and exempt all electronic payment (POS) transactions from taxes.”
The researcher in economic affairs, Ali Daadoush, identifies the most important points through which the implementation of electronic payment systems in Iraq can be successful.
In an interview with “Ultra Iraq,” Daadoush said, “The electronic payment application requires a culture, publishing extensive and simplistic advertisements for the citizen,and taking into account the experiences of countries in which electronic payment systems have succeeded and gradually transformed into a cashless society, such as Sweden, for example.”
Experts talk about one of the reasons for moving away from the electronic payment system, which is the citizen’s loss of confidence in the state after 2003.
Daadoush called for “the necessity of emphasizing transparency in publishing sufficient information that allows the ordinary citizen to know what he has and what he owes, such as the amount of each company’s commission, how to issue a payment card, how much is its ceiling, and others,” saying that “these steps will facilitate the procedures for dealing with electronic payment systems in the country.” “The country.”
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
No comments:
Post a Comment