Economists urge expanding the adoption of electronic payment in market transactions
Economical 02/20/2024
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Baghdad: Shukran Al-Fatlawi
Economics specialists stressed the need to expand the adoption of electronic payment systems in market transactions because of their multiple benefits, most notably the ease and ease of use and achieving a greater security element, while they indicated that these systems could be one of the factors related to reducing inflation levels.
The electronic payment file is being followed up by Prime Minister Muhammad Shiaa Al-Sudani through holding successive and continuous meetings in order to strengthen the procedures related to this issue, in light of the important progress made in arranging payment at the collection level, in addition to the fact that the Council of Ministers approved a number of important packages and decisions that facilitate this process. The process and not charging the citizen commissions.
Speaking to Al-Sabah, economic expert Dr. Nabil Al-Marsoumi praised the adoption of electronic payment card systems, as they achieved clear and tangible results through their many advantages, most notably ease and ease of use.
He added that the payment process according to this mechanism means the method of conducting financial transactions or paying bills and collecting money through an electronic intermediary without using cash, which achieves an element of safety compared to paper money, as well as controlling the infiltration of counterfeit money, not to mention maintaining safety in terms of controlling money. Diseases transmitted through the circulation of money
Contaminated.
He continued that the electronic payment system is related to inflation levels, which have reached about 4 percent according to statistics, but it is too early to consider it a major factor in reducing this percentage, especially since it is an acceptable percentage compared to past years, as the comparison requires approximately a year to measure the difference between inflation levels. .
Al-Marsoumi described the electronic payment process for merchants as a factor that helps maintain, guarantee, and security compared to cash dealing, in addition to reducing the burden of cash masses, accompanied by enabling the holder to obtain loans with ease and convenience.
The Governor of the Central Bank, Ali Al-Alaq, confirms that the electronic payment process aims to significantly reduce the economic degree of cash and has important repercussions that focus on raising the level of transactions away from the excessive use of cash currently practiced in the local economy, indicating at the same time a significant decrease in inflation compared to the beginning.
The year is 2023.
In turn, Imad Al-Muhammadawi, who is interested in economic affairs, stressed to Al-Sabah the necessity of strengthening the electronic payment process in all economic fields and using this mechanism in market transactions, with the importance of making it a priority in the economic transformations and revolution taking place in the country and reducing the excessive use of cash in buying and selling operations. Because of the multiple positives it brings to all parties.
For its part, the Securities Commission announced that cash payments are accepted through electronic payment methods, and directed it to list payment companies on the stock market.
The Chairman of the Authority, Faisal Al-Haims, said: The Authority represents a supervisory body for the Iraqi Stock Exchange, and since the beginning of the Prime Minister’s directive to take steps to automate electronic payment and ongoing operations in the market in general, the Authority has been forming a work team to support this file.
He pointed out that the market is currently moving to use this mechanism through intermediaries working in the Iraq Stock Exchange, noting that electronic payment companies are not traded in the Iraq Stock Exchange, but there are companies in various other sectors, including banks, present in trading in the Iraq Stock Exchange.
Edited by: Ali Mowafaq
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