Credit cards and economic revitalization
13/6/2018 12:00 am
Credit cards are an alternative to the traditional method of currency exchange in buying, paying and settling financial transactions between different persons or institutions.
Despite the passage of decades on the use of credit cards in different countries of the world, but Iraq has not used these cards only a few years and a very limited scope of sales and purchase and payment of financial dues are still in the traditional way to exchange paper money and the delay in the use of credit cards in Iraq for many The reasons of economic or security or lack of planning in previous decades in the field of encouraging banks to issue and deal with them.
A few years ago, some state and private banks started issuing credit cards for use in financial transactions. However, their use is still in a narrow range and in certain areas their use has not expanded and the number of users is still slightly lower than in many other countries.
The reasons for limited use are due to the lack of awareness among citizens of the importance and advantages of using them, as well as the traditional way of settling financial transactions, and the lack of acceptance of the spread of technological innovations easily and few outlets dealing with these cards, where the outlets are still very limited, which reflected negatively on many who wish to exist These cards in financial transactions with the banks that deal with them, which calls for the need to address the economic media of this subject and shed light on it adequately.
The expansion of the use of credit cards in Iraq is an important factor in stimulating the various economic sectors by encouraging the electronic payment of funds in the cases of purchase and sale, which opens new outlets for various financial and economic transactions and contributes to increase financial flows between the parties to the economic process and stimulate the exchange of safe and increases the movement of these Exchanges and contributes to the recycling of financial savings, which are often out of the range of financial trading, making them useless for the economy the National.
The expansion of the use of credit cards among citizens in Iraq has many advantages that stimulate economic activity as well as keeping pace with the latest technological developments that have left their effects in all aspects of society, including the economic aspect in which the technological factor is a crucial factor in its development, which requires the competent authorities Encouraging banks to expand the issuance of credit cards in order to increase their use by citizens in their financial transactions also requires the organization of campaigns to raise awareness of the importance of using credit cards in the daily life of citizens and my And to provide the necessary logistical and informational requirements for its use and to provide the legal and economic environment for the safe handling of its use in a manner that maximizes the potential benefits of the Iraqi economy and contributes to its development and performance improvement.