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Experts: The culture of electronic payment is still “immature”
Economical 11/01/2023
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Baghdad: Haider Falih Al-Rubaie
And Hussein Thaghb Al-Tamimi
Economic affairs specialists stressed the necessity of spreading the culture of electronic currency payment, and urged all government and private institutions to use points of sale (POS) in their various daily transactions, while they pointed out that the culture of electronic payment is still not fully mature.
Electronic currency trading is sufficient to significantly reduce bribery operations, in addition to its importance in preventing the use of counterfeit banknotes and in speeding up the execution of commercial orders.
The specialists stressed the need to set a timetable for the comprehensive transformation towards financial digitization.
Electronic cash transformation represents one of the governmental steps that the Council of Ministers called for earlier, as it obligated a number of governmental and private sectors to activate the electronic payment process in Iraq, and granted the Central Bank powers to facilitate the procedures for granting licenses to collect bank cards using points of sale (POS) and reduce commissions. The banks and entities that use these devices, in addition to obliging all governmental, non-governmental and mixed departments, unions, associations and all centers where amounts are collected, to open bank accounts.
The advisor to the Prime Minister, Muhammad Al-Najjar, stated that supporting the electronic payment project is one of the priorities of the government of the Prime Minister, Muhammad Shiaa Al-Sudani, indicating that this creates safe financial transactions and moves the financial sector to a better stage.
The researcher in economic affairs and specialist in electronic currency payment operations, Nabil Al-Najjar, told “Al-Sabah” that “the entire world is moving towards the digitization of transactions in general, especially financial digitization, as Iraq is one of the important economic engines at the global level, but the culture of payment “Electronic banking is still not fully mature, and requires more efforts to move towards electronic financial transactions in various fields.”
Al-Najjar praised the trends adopted by many economic affairs specialists aimed at strengthening the culture of electronic payment, whether through social media platforms or through various media outlets, indicating that the citizen has begun to understand the importance of electronic currency dealing, and has become fully aware of all the positives, obstacles, and risks that can occur. To face it thanks to the expansion of spreading the culture of electronic payment.
Al-Najjar explained that there is a national campaign to educate people about electronic payment, whose goal is to educate people in general about the positives of using financial cards in various commercial and governmental fields, praising at the same time the decisions of the Central Bank to confront attempts to abuse electronic payment operations committed by some weak-minded people.
In a way that confirms the government’s progress in consolidating electronic financial payment operations, the Governor of the Central Bank, Ali Mohsen Al-Alaq, chaired a meeting that included representatives of this bank and a number of electronic payment companies operating in Iraq, in which they discussed ways to follow up on the project of spreading point-of-sale devices (POS) and digital transformation. .
According to a statement issued by the bank and received by Al-Sabah, the meeting reviewed the challenges facing the process of spreading point-of-sale (POS) devices and the importance of expanding the geographical area to cover all parts of the country, as well as solving the problems facing the use of bank cards and settling their amounts through the national exchange inside and outside Iraq.
Al-Alaq stressed that “the spread of point-of-sale devices has positive effects on the Iraqi street, and citizens must be urged to use bank cards instead of cash,” stressing “the necessity of developing appropriate marketing plans to support digital financial inclusion in Iraq.”
In turn, the specialist in financial affairs, Hisham Khaled Abbas, pointed out that external experiences have come a long way in the areas of electronic payment, as you find that benefiting from these experiences represents an inevitable necessity and must be employed to serve the country, which truly requires us to start where the world left off and work towards... Creating a broad culture of electronic payment within society, and informing it of the benefits of this service, especially since the Central Bank worked during the last period to support the culture of electronic payment, and therefore established controls that promote this important trend.
The Central Bank has previously announced its endeavor to limit the use of cash in the country, due to the challenges of geography and security issues, which make transporting money within the country difficult and fraught with many risks.
Abbas pointed out that advancing the reality of electronic payment in Iraq is not a complicated task in light of the reliance of a large segment of employees on the electronic card, as we can work to move towards local electronic dealing.
He stated that Iraq established the reality of electronic transactions and worked hard to develop the infrastructure necessary to expand electronic payment services, especially after the introduction of modern technology, as we are still new to providing electronic services to citizens, but an acceptable percentage interacts with electronic shopping and conducting transactions.
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