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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Central Bank details the advantages of electronic payment for citizens and merchants

    Rocky
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    The Central Bank details the advantages of electronic payment for citizens and merchants Empty The Central Bank details the advantages of electronic payment for citizens and merchants

    Post by Rocky Wed 18 Jan 2023, 2:53 pm

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    The Central Bank details the advantages of electronic payment for citizens and merchants


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    Economy News-Baghdad

    Today, Wednesday, the Central Bank of Iraq detailed the advantages of generalizing electronic payment in the country for citizens and merchants, and while indicating that the method will be circulated as binding procedures for owners of projects and shops, it indicated that existing cards such as Master and Visa Cards can be used for payment without the need to issue new ones.
    The deputy governor of the Central Bank, Ammar Hamad Khalaf, told the official channel: "The government's decision to activate electronic payment in all joints represents an important support for the bank and the Iraqi economy, reducing the costs of transferring paper money, as well as making it safe."
    He added, "The bank has been working to put this service into effect for years as a basic business strategy to complement the salary settlement project that began years ago, and it supports reducing outlets for cash (cash) as a case that does not serve the Iraqi economy."
    And he continued, "electronic payment has great positive effects on citizens, merchants, and banks, as for the citizen it will reduce the costs of obtaining a salary or revenue as a result of the money he pays through cash payment tools, and for the merchant, the movement of his money will be safe instead of carrying it with him or stacking it in places that are exposed." to circumstances beyond its control, which leads to its destruction.
    On how to practice the electronic payment process, Khalaf said, "All cards owned by citizens, such as Visa and MasterCard, can be used through the payment device, and there will be no need to issue new cards for those who own them, and these cards can also be used outside Iraq and will enable the citizen to obtain an exchange rate in the country's currency." The one he visits is higher than the cash exchange rate.”
    And he added, "The card will enable the citizen to buy the dollar at a price of 1465 dinars from the outlets provided by the Central Bank, which is better than buying it in cash at a higher price."
    As for the devices used for payment, he said: "These devices exist, but they are few, and now, after the Cabinet's decision, the Central Bank will take measures to provide them and reduce the costs of obtaining them for companies, shopping outlets, and merchants, and decisions will be issued by the bank to achieve this goal."
    And on how to encourage citizens to use this service, Khalaf stressed, "The issue will encourage citizens after the use is generalized in commercial stores, because awareness alone is not sufficient," noting that "the decision of the Council of Ministers obligated the owners of projects and commercial stores to use the electronic payment device, otherwise it will not be implemented." Give them a vacation, and that will help popularize the method."

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    Added 01/18/2023 - 9:41 PM
    Updated 01/18/2023 - 11:43 PM
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