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Experts point out problems in {electronic payment}
Economical 2023/08/02
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Baghdad: Shukran Al-Fatlawi
Experts in the financial affairs believe that electronic payment processes are still beset by many problems, including increased deductions and a lack of devices, and that the process of encouraging the adoption of this mechanism needs greater support and financial programs to educate and educate the citizen to work with it, while they announced that there are 88 trillion dinars outside the monetary block.
The financial expert, Dr. Mustafa Hantoush, described, in an interview with “Al-Sabah”: The Central Bank’s campaign regarding strengthening electronic payment systems is positive, as it leads to the withdrawal of large quantities of the dinar, which is now in crisis, in addition to reducing printing operations, and thus increasing deposits or Current balances in banks.
He added that the amounts in circulation at the present time with banks do not exceed 13 trillion dinars out of 100 trillion dinars printed, and as a result there are approximately 88 trillion dinars outside the monetary block, which are very large numbers that could lead to large economic movements.
Hantoush noted that the campaign to promote electronic payment launched by the Central Bank through ATMs and POS devices currently deployed, needs a great effort, and the number of printed and issued master cards needs financial programs more than it needs electronic payment devices.
He pointed out that the global programs are now applied through mobile devices, through which money is transferred and received through modern, advanced and easy technologies.
He pointed out that the sectors that responded to the campaign are supermarkets and filling stations, which are specific, as there are still many aspects of life that are not subject to this mechanism, pointing out that the citizen suffers withdrawals and deductions as a result of electronic sales, which is a major obstacle, noting the need to reduce percentages and publish and maintain these devices. Because they need fixed and secured places.
For his part, Imad al-Muhammadawi, who is interested in economic affairs, explained to “Al-Sabah”: The electronic payment mechanism provides an element of safety by relinquishing the carrying of cash blocks, not to mention getting rid of the damaged currencies that the citizen suffers from.
Al-Muhammadawi stressed the need to reduce the deducted percentages to motivate citizens to use this mechanism, in addition to providing the necessary infrastructure for this service and introducing the largest number of citizens on how to use it, while continuing the necessary updates, similar to neighboring countries and the world.
And the Central Bank announced the entry into force of the Cabinet’s decision for the year 2023, represented by increasing the number of POS electronic payment devices in government institutions and the private sector, in order to reduce the use of paper money in collection and commercial transactions, and indicated that there is a great response from the private sector, commercial centers and delivery companies. Licensed applications and taxi companies licensed by the competent sectoral authorities, and some universities and private hospitals, to provide POS devices in their work.
Edited by: Ali Mouafaq
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