You are not connected. Please login or register

Iraq expands electronic payment outlets "pos"

Go down  Message [Page 1 of 1]



Iraq expands electronic payment outlets "pos"

Economical 06/07/2023
Baghdad: Haider Al-Jaber

Iraq is gradually moving towards expanding the electronic payment (pos) process through a pre-prepared plan, to spread the electronic payment culture in force in most countries of the world, while the local markets witnessed a wide spread of these devices.

The Ministries of Foreign Affairs, Communications, Planning, Higher Education and the Environment, in addition to the Amanat Baghdad, launched the electronic payment service, while

the Central Bank began increasing POS devices and distributing them in shops, markets and commercial centers, hoping that the rest of the state institutions would join successively.

Concomitantly, the Parliamentary Finance criticized the delay in dealing with modern monetary systems, accusing the beneficiaries - which they did not name - of trying to thwart the advanced methods of monetary transactions.

Haider Majeed, spokesman for the General Secretariat, considered the importance of the electronic payment system, stressing that this system will facilitate transactions for more than 4 million employees and retirees.  Majeed told Al-Sabah:

“The purpose of the pos system is to facilitate cash transactions, because Iraq is far behind the rest of the countries in this field.” Banking facilities,” noting that

“the money will be secured to a very high degree, which is what merchants need in their financial dealings.”  Majeed continued,

"Nearly 4 million employees and retirees can deal with these devices, and

the rest of the citizens can obtain the services of this system through cards from private and government banks," and indicated that

"electronic payment companies have started preparing the devices required for this purpose," pointing out that

"On June 1, most ministries started collecting money electronically, as well as a number of government stations,” expressing his hope that the citizen would get used to this new system of dealing.

According to the Cabinet’s decision last March, June 1 has been set as the current date for starting work with electronic payment in all state and private sector institutions, such as stores, markets, malls, gas stations, private universities, and others.

For his part, a member of the Parliamentary Finance Committee, Muhammad Nuri Aziz, criticized the slowdown in the state's dealings with modern monetary systems, accusing unnamed beneficiaries of trying to thwart advanced methods of monetary transactions.  Aziz told Al-Sabah:

“Some of the activities launched by the Ministry of Finance or some other ministries have not gained their required effectiveness.”

He gave an example of the automation system contracted by the General Tax Authority and was not activated. He added,

“We tried a set of systems that were not seriously implemented, and which could have curbed corruption, forgery, nepotism, and evasion,” stressing that

“until now, they are mere agreements and nothing tangible resulted in them, and

the reasons are part of them governmental and bureaucratic, and part of them are due to the presence of beneficiaries.” One of the old systems in dealing with cash for personal benefits ».

Payment systems in Iraq are still traditional, as the citizen prefers to keep his liquid money under his hand, and to deal with manual cash, while

electronic payment methods globally have reached very advanced stages, and dozens of banks operate in this field, and provide facilities to customers that push the cash process forward.

Expert Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, praised the digital transformation in the banking sector, and

called for spreading banking awareness among citizens of the importance and advantages of electronic payment, through a number of important measures.  Al-Nusairi told Al-Sabah:

“The digital transformation in the banking sector using electronic payment techniques in financial and commercial transactions is one of the most prominent developments led by the Central Bank and implemented by government and private banks.”   He added,

“The Cabinet’s decision to spread the use of point-of-sale (POS) devices widely in financial transactions and the transition from a cash society to a non-cash society in line with what was stated in the government program contributes to the development of banking work, and

the advancement of plans for financial inclusion and digitization of banking transactions in a manner that meets international standards and applicable specifications.” it at the international level.”  Al-Nusairi emphasized,

"the need for strict adherence to the parties mentioned in the implementation of the decision in accordance with the procedures and mechanisms specified in the paragraphs of the decision, and

it is making great educational, media and advertising efforts to spread banking awareness among citizens of the importance and advantages of electronic payment at the level of the individual and society," stressing that

"the banking culture of citizens using This modern technical means to move from cash payment to payment in this method is very weak,

in addition to the lack of knowledge and means of motivation for the owners of malls or commercial and service stores, agencies and areas that can use this type of daily financial and banking transactions.  Al-Nusairi continued,

"The urgent need to develop communication services and facilitate the use of Internet services, which requires government support for the process of expanding the use of electronic cards and points of sale by obligating ministries to cooperate with the Central Bank of Iraq, automating business and facilitating all routine procedures," and

pointed out the importance of "providing Encouraging incentives for service providers and providing banking facilities such as exempting them from taxes.


Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum