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Visa cooperates with the Central Bank of Iraq to raise awareness of the importance of digital payments

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Visa cooperates with the Central Bank of Iraq to raise awareness of the importance of digital payments

money and business
Economy News-Baghdad

On Thursday, the leading company in the field of global digital payments, Visa announced its cooperation with the Central Bank of Iraq to raise awareness of the importance of digital payments, pointing out that the campaign has the support of Prime Minister Muhammad Shiaa al-Sudani.

A company statement, received by "Al-Iqtisad News", stated that

"the world's leading company in the field of digital payments, Visa, launched, in partnership with the Central Bank of Iraq, an initiative to introduce merchants and consumers in Iraq to the benefits of digital payments, and to raise awareness about the safety and security of these transactions."  He added,

"This initiative enjoys the support of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, and aims to encourage the Iraqi population to adopt the financial independence provided by the non-cash payment system."  The statement indicated that

"the campaign seeks, in partnership with the Central Bank of Iraq, to build a secure digital payment system for merchants and consumers by limiting the use of paper money, promoting non-cash payments and contactless payment solutions, and empowering people through financial inclusion."

Commenting on the matter, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, said:

“We at the Central Bank of Iraq are pleased to cooperate with Visa in the framework of this awareness campaign for merchants and consumers.

We have always been keen to support financial inclusion initiatives in various parts of the country, in addition to regulatory frameworks and related supervision processes.Iraq remains a major supporter of digital financial services in line with the strategic plan of the Central Bank of Iraq.  He added,

“In its first phase, the campaign will focus on educating the growing community of Visa merchants and customers.

Throughout history, merchants have shown clear caution in using direct point of sale devices, and this explains the high reliance on cash payment solutions.

However, there is an increasing demand for payments In Iraq, it is expected to grow by 14.23% between 2023 and 2027.

This initiative will increase financial literacy and enhance financial inclusion, especially since about 80% of the Iraqi population still do not have bank accounts, or do not have access to digital payment solutions.".

"The campaign will introduce merchants and customers to the process of issuing cards, including obtaining and activating Visa cards, and using them for daily transactions, while applying realistic use cases such as online shopping payments, supermarkets and fast food restaurants.

Visa's efforts also include hosting training workshops and developing Easy-to-use toolkits for merchants and consumers to accelerate acceptance and use of digital payments.

In this regard, Mario Makari, General Manager of Visa for the Arab Levant region, said in the same statement:

There are wonderful advantages to the cashless economy.

We at Visa are striving to provide these benefits to the Iraqi population, of whom 80% still do not have bank accounts and do not have sufficient access to The digital payment services they need.

Our new campaign, which has the support of the Prime Minister and the Central Bank of Iraq, is in line with the goals of Iraq Vision 2030 to promote financial inclusion and build a diversified economy."  He added,

"The world's economies are witnessing rapid development in conjunction with the increasing use of digital technology in all fields of life.

Based on our deep belief in the importance of education and education for development and moving forward, we urge all our merchants and consumers to help build this cashless system in Iraq, and enjoy all its economic benefits."

Visa has been collaborating for years with the Central Bank of Iraq and key players in the sector to advance financial literacy by providing tools that facilitate digital commerce.  He pointed out that

"the Iraqi government has recently been seeking digital transformation in the country to achieve diversified economic growth in response to Iraq's vision for the year 2030.

And last January of 2023, the Prime Minister's Office issued a mandate to use points of sale in all governmental and non-governmental institutions, which enhances Visa's efforts in Iraq".  The statement concluded,

"Visa is always striving to stay at the forefront of innovation in its endeavors to create the largest open and dynamic global network of technology, partnerships and people.

By establishing many initiatives and partnerships from Iraq, Visa has achieved a pioneering achievement represented in launching the first digital payment card and multiple cards."

From this ancient country, Visa has succeeded in achieving advanced, secure and world-class capabilities, including providing customers with a rich and rewarding experience.”

Views 293     Added 08/31/2023 - 1:03 PM

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