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Advisor to the Prime Minister: We are heading towards a complete transformation of the electronic payment system
Economical 05/06/2024
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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said yesterday, Sunday, that the government’s strategy encouraged citizens to enter the digital payments climate, while he indicated that cash use will witness a gradual closure in the interest of digital financial inclusion, starting next year, 2025.
Salih said: “The customs and traditions that remained prevalent in the practice of cash request behavior according to primitive cash methods in settling financial and commercial transactions, are not consistent today with the developments of the modern digital institutional society in our country, especially the change in settling financial transactions and the gradual abandonment of the use of direct cash payment methods in favor of digital payments.”
He added, “The behaviors of payment, delivery, settlement of financial rights, and settlement of transactions began to be reflected in the cash demand function, which began to change behaviorally in the interest of dealing with a modern pattern imposed by digital payments in the country.”
He continued, "Since the government launched the electronic payment strategy a few months ago, the public has begun, for the first time in our country, to direct its will to enter the (second phase) in the digital payments climate, by moving from withdrawing dues in cash via payment cards and dealing with the inherited payment methods based on... Cash payment for transactions, by shifting towards keeping his money inside his bank accounts to enable him to use the same payment cards many times within the framework of levels of high and renewable digital payment in settling various transactions within the citizen’s daily life.”
He pointed out that “the second phase of digital payments constitutes an accelerated development that is consistent with and covers the opportunities for using the digital payments system to reach an advanced digital stage in banking life by establishing digital banks. Three issues have helped in this, namely the increasing use of mobile phones in settling digital transactions, and the second is the development of the numbers of opening... Bank accounts support digital payments activity, and the third is the rapid growth of digital government collections.”
Saleh stressed that, “By the middle of this year, government collections will shift almost completely to payment via credit cards and other approved digital payment methods, which all fuel stations are witnessing today, leading to the payment of taxes, fees, wages, and government transactions, all of which will be via digital payment cards.” He pointed out that “large groups of private sector institutions and individuals have begun to engage rapidly in settling their payments by feeding each other’s accounts with easy transfer, for example (feeding their digital cards) to settle rights between them digitally, in addition to using (POS) devices and the like.” Similar technology assistive means of payments have become widespread and accessible in our country.” He continued, “Starting from the year 2025 onwards, payment habits within the economic community will shift towards a completely different digital life, with electronic payment cards becoming one of the modern customs in changing the monetary behavior of society, and cash consumption will witness a gradual closure in favor of digital financial inclusion, and then cash leakages will move in their current form, which is It continues to lie outside the banking system and takes its natural way into the banking system itself, automatically and under the influence of the new environment of digital payments.”
He continued by saying: “Over the past few months, the use of digital payments has added millions of new bank accounts for adults who have not previously dealt with the banking system,” expecting that “in the coming months, bank accounts will cover the adult generation, as electronic payment cards are linked to the bank account itself.”
He pointed out that “cash liquidity will automatically move into the banking system, which will help increase levels of certainty and reduce liquidity risks in the banking system itself, which will encourage levels of cash credit granted to the public for the purposes of economic activity and at the same time help ensure the flow of state cash revenues within the developments of the treasury account.” “Unified, which at the same time maintains moderate growth rates in the growth of general liquidity, inversely proportional to the escalation in the growth of uses of
digital payments.”
In June 2023, the Central Bank of Iraq announced that the Iraqi Council of Ministers’ Resolution No. (23044) for the year 2023 had entered into force, which was to increase the number of electronic payment devices in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in collection and commercial transactions. .
Last week, Prime Minister Muhammad Shiaa Al-Sudani directed several executive measures to be taken related to the electronic payment system and electronic points of sale (POS).
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