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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Electronic payment...a deterrent to corruption and fears of a weak financial culture among people

    Rocky
    Rocky
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    Join date : 2012-12-21

    electronic - Electronic payment...a deterrent to corruption and fears of a weak financial culture among people Empty Electronic payment...a deterrent to corruption and fears of a weak financial culture among people

    Post by Rocky Wed Jan 10, 2024 6:37 am

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    [size=52]Electronic payment...a deterrent to corruption and fears of a weak financial culture among people[/size]

    [size=45]Electronic payment is a system for making or settling payments without the need to use cash. This system has many advantages, the most important of which is eliminating corruption, fraud, and direct bribery in government institutions, ease of trading, raising cash deposit rates in banks and banks, and other benefits.[/size]
    [size=45]But Iraq's transition to this globally applicable system is not without fraud, whether by merchants when citizens shop, or by collecting additional amounts under the pretext of the withholding fees currently in effect, especially since the society's culture of electronic payment is weak.[/size]
    [size=45]The Iraqi government seeks to activate the electronic payment service, adopt modern automation systems, and end cash dealing.[/size]
    [size=45]Accordingly, the Petroleum Products Distribution Company, affiliated with the Ministry of Oil, has set the end of next March as a deadline for cash transactions at government and private fuel filling stations.[/size]
    [size=45]The company’s general manager, Hussein Talib, said in a press statement followed by Al Mada, “All government and private fuel filling stations will use the electronic payment system to fill fuel, on the first of next April.”[/size]
    [size=45]Talib had announced an increase in fuel refueling rates via electronic payment cards, stressing in a statement that “sales through the use of electronic cards recorded 35 million dinars last April, while in November of last year they recorded more than 350 million dinars,” considering that an indicator. On the success of the experiment.[/size]
    [size=45]Talib called on citizens to “procure electronic payment cards to learn more about the service and discover its advantages.”[/size]
    [size=45]In turn, the Iraqi Private Banks Association revealed, on December 12, a growth in accounts, bank cards and electronic payment devices after the great support provided by Prime Minister Muhammad Shia al-Sudani and the Central Bank of Iraq to the banking sector, by activating electronic payment in government and private institutions and reform. In foreign trade financing mechanisms.[/size]
    [size=45]The association’s executive director, Ali Tariq, said in a statement received by Al Mada that bank accounts grew by 14%, reaching 10.02 million bank accounts by September 30, 2023, after at the end of 2022 there were more than 8.79 million accounts, which means the creation of more From 1.2 million accounts in 9 months.[/size]
    [size=45]In this context, financial and economic expert, Mahmoud Dagher, says, “Cash is the means used for all corruption and fraudulent operations, and therefore one of the most important benefits of electronic payment is the elimination of corruption and fraudulent operations.”[/size]
    [size=45]Dagher adds, “It also facilitates the process of settling accounts within banks instead of having settlements take place outside banks in offices and homes.”[/size]
    [size=45]He continues, “It also helps businessmen to have controlled accounts through the bank statements provided to them by the banks they are affiliated with.”[/size]
    [size=45]He confirms, “There are no harms or negatives to electronic payment, and all countries of the world are trying to reduce the volume of settlements by cash payment and resort to electronic payment.”[/size]
    [size=45]The economist believes that “Iraq is capable of adopting electronic payment quickly,” expecting that “by the end of 2024, many private and public businesses will settle their payments via electronic payment, which will make it easier for everyone to accomplish many things.”[/size]
    [size=45]On January 7, the Prime Minister, Muhammad Shiaa Al-Sudani, directed that citizens be spared additional financial burdens resulting from commissions, during a meeting devoted to following up on the financial and economic transition to electronic payment, points of sale, and financial trading with electronic cards (POS).[/size]
    [size=45]Al-Sudani confirmed, according to a statement issued by his media office, that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.[/size]
    [size=45]Most markets and fuel filling stations lack POS devices, despite the Council of Ministers’ directives to implement the electronic payment system in state institutions, the private sector, commercial centers, stores, markets, and other entertainment facilities.[/size]
    [size=45]Citizens still lack the provision of POS devices, and there are demands from the Central Bank, banks, and electronic payment companies to provide POS points of sale and make them accessible to citizens for use with electronic cards in shopping and paying instead of cash.[/size]
    [size=45]At the beginning of last June, the Central Bank of Iraq announced the entry into force of Council of Ministers Resolution No. (23044) for the year 2023, which was to increase the number of electronic payment devices (POS) in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of money. Paperwork in collection and commercial transactions.[/size]
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