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Trends to expand electronic transactions within the local market

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Trends to expand electronic transactions within the local market
Economical 03/11/2024
 Baghdad: Hussein Thaghab
Consensus on the importance of expanding electronic transactions and their role in regulating the Iraqi financial sector, at a time when efforts are being made to expand the adoption of electronic payment within markets and commercial centers in a way that enhances the culture of electronic payment.
The Executive Director of the Iraq Fund for Development, Muhammad Al-Najjar, confirmed that digital transformation in Iraq represents a serious step to develop government performance in a way that supports the development trends that the government aspires to in a great need for work that requires an ideal work environment. Al-Najjar said:
The expansion of the electronic payment circle within the local market represents an important step to regulate the national financial sector in particular, and gives local and international confidence in local financial transactions, and the
development of the financial sector can be one of the most important factors attracting work in the Iraqi market from various international companies. He pointed out that the
task of developing performance in the country requires adopting advanced work mechanisms that reduce time and effort and contain the challenges facing business implementation in various sectors.
The Executive Director of the Association of Private Banks in Iraq, Ali Tariq, confirmed continued efforts to enhance the culture of electronic payment, which represents a governmental and legislative direction for the next stage. He pointed out that the
Association of Banks and Large Financial Institutions is working to spread the culture of electronic payment because it realizes the importance of digital transformation and providing quality services to all segments of society, especially since Iraq is a market that requires great efforts due to the large volume of transactions.
As for the head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, he stressed that electronic transactions represent an important step on the path to improving financial performance in the country, and are a step towards safe trading of the movement of funds within the Iraqi market, which witnesses financial movements estimated at billions of dinars daily in various sectors throughout the country’s regions. Al-Hamdani pointed out that
developing the reality of financial transactions represents an inevitable necessity and that the government’s serious approach towards shifting to electronic financial transactions will create a new culture within society that keeps pace with the developments the world is witnessing in this field, although to this day citizens view the issue with fear, but the experience has begun to expand and has become Society interacts with it. He pointed out that
access to global and regional experiences by a large segment of citizens contributes to interacting with the reality of electronic payment, which entered the Iraqi market more than a decade ago, and was able to expand while providing a fast and secure service that suits the citizen’s needs. Al-Hamdani confirmed that
commercial transactions within the local market have actually begun to adopt electronic dealing, albeit on a limited scale, but interaction exists, especially in the retail trade market, as the market witnesses buying and selling operations in very large amounts, and when they are done electronically, they are safer and also facilitate the buying and selling operations and movement.
The market is larger and operations are carried out more quickly than cash dealing, which requires time to transfer a large financial block. He said:
The Baghdad Chamber of Commerce supports the government’s steps aimed at developing the reality of financial dealings, and demands that there be an expansion in the electronic payment infrastructure so that there is a complete shift towards these transactions and addressing all the challenges that accompany this process, so that the citizen becomes fully convinced of this new guest who He entered his life, changed the form of transactions, and tried to move his financial savings to new places.   

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