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Association of Private Banks: We recorded an increasing demand for electronic payment cards during the Baghdad International Fair
Economical 01/22/2024
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ussein Thaghb
and Shukran Al-Fatlawi
Electronic payment represented an important focus at the Baghdad International Fair in its last session, as the public’s influx to the relevant institutions was large and interacted with the offers presented, and the demand for the acquisition of electronic payment cards was remarkable, which made the banking system restore its accounts and prepare for new and advanced frameworks of work, and this is the matter. It is in line with the Iraqi government’s trends in shifting towards completely electronic transactions.
While we find that government support stimulates the growth of electronic payment, which is one of the basic pillars of digital transformation and improving financial services, the Iraqi economy is witnessing steady growth, which leads to an increase in the volume of financial transactions, as well as the spread of the use of smart phones in Iraq, as it has more than 60 % of Iraqis have smartphones, which facilitates the use of electronic payment applications.
Electronic payment in Iraq is expected to witness significant growth in the coming years, as the volume of electronic transactions in Iraq is expected to reach $10 billion by 2025.
Executive Director of the Association of Private Banks in Iraq, Ali Tariq, said: The Baghdad International Fair represented an important opportunity. It brought the banking system closer to the public, and the work teams of banks and specialized companies sensed a real desire from the public to know the advantages of electronic payment and the most important benefits achieved from it, pointing out that the exhibition contributed to enhancing the reality of electronic payment, as there was a demand for electronic payment cards after their use expanded within the country. The country.
He stated that accurate statistics will soon be available on the number of cards that were granted during the exhibition period, which can be described as ideal during this session, as we witnessed great interaction by the public with the banking system, and this is an extremely important matter that brings hope to strengthening
the public’s relationship with the banks.
He pointed out that the banking system is working hard to enhance its capabilities and develop advanced products that rise to global standards and are closer to the public, and that the current year will witness a clear growth in the reality of electronic payment within the country, following the real direction of the government to develop this important detail in safe financial transactions.
As for the Advisor to the Levant Arab Islamic Bank, Jassim Al-Aradi, he said: The Baghdad International Fair represented the best measure of the public’s orientation towards electronic payment, as we noticed in the banking pavilion a great demand from the public for electronic payment cards available at banks and companies specialized in this important aspect, which receives the attention of the government and the bank. Iraqi Central Bank.
He pointed out that the work team of each bank played a major role in conveying a realistic picture of electronic payment in the country, and the benefits achieved from these transactions, which are expanding significantly throughout all regions of the country.
Advisor to the International Smart Card Company, Ghazi Al-Kanani, said: When electronic payment is coupled with advanced products, and rises to global performance, it represents an element of attraction, and this matter was achieved at the Baghdad International Fair in its recently concluded session, where the demand for acquiring electronic payment cards represented an important focus. In participation, this is in harmony with the directions of the government and the Central Bank to make financial transactions take place according to electronic systems.
He pointed out that the Iraqi market is large and requires a large volume and advanced electronic payment products that rise to global standards, especially since the country is facing a large volume of work that requires a financial sector that provides...
Advanced services.
In turn, the Director of Relations and Media at the Development Bank, Alaa Qasim, confirmed that the Baghdad International Fair made the picture clear to us in detail about the extent of the public’s interaction with the banking system, in the detail of electronic payment, where we found a large influx of the public to the banks’ pavilion and inquiring about the reality of electronic transactions, and the mechanisms for dealing with... during which in the local markets.
He stated that the demand for electronic payments during the exhibition days made the banking system prepare for a new stage, and put in its accounts new frameworks commensurate with the public’s interest in the new guest, who now finds a large role in financial transactions.
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