Economists: Citizens still prefer cash transactions over electronic transactions

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[size=52]Economists: Citizens still prefer cash transactions over electronic transactions[/size]

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03/17/2024
Baghdad: Shukran Al-Fatlawi
Economic affairs specialists criticized the lack of infrastructure for electronic payment services in many departments and institutions, and confirmed that most citizens still prefer cash transactions over electronic transactions.
Economist Manaf Al-Sayegh told: Electronic payment is a globally recognized technology that can be used without the need to carry paper money or coins, as the world today no longer needs paper payment or the use of coins, so we find it approved through the mechanism of using the credit card. Card) that enables
its holder to pay anywhere.
He added that the need arises today for all financial operations to be transformed according to a banking system that adopts the principles of automation and dealing with electronic payment (MasterCard) or (Credit Card), as it facilitates banking operations and transfers and gives an element of speed in financial performance, pointing out that there is a value that is sometimes imperceptible. But the quality of the system in financial transactions between customers and the lack of difficulty, whether at the level of individuals or companies, give these advantages value for dealing according to the automation system.
Al-Sayegh pointed out that most institutions and companies currently deal according to the electronic payment system, and even malls and stores with limited capital deal according to this system for the purpose of financial facilities and raising performance, adding that there are some obstacles, including the lack of infrastructure in many departments and stations for this service, stressing. There is a need to prepare these systems by the Ministry of Finance and the Central Bank, as the country was late in introducing this service, which has been used in most countries for decades, especially the card service through mobile phones.
He noted the necessity of disseminating payment points (POS) in their modern form to obtain the best service in multiple places, and obligating all departments, institutions, and
shops to use them to benefit everyone.
He stressed that dealing with electronic payment enables controlling transfers and not taking the currency anywhere without the knowledge of the state, so it can be used as a security element to prevent currency leakage.
In turn, Imad Al-Mohammadawi, who is interested in economic affairs, called during his speech for the necessity of spreading the culture of electronic payment among segments of society, pointing out that most citizens prefer cash transactions over electronic transactions because they are accustomed to this method, believing that it is better.
Al-Muhammadawi pointed out the necessity of encouraging, supporting and facilitating dealing according to this new mechanism for citizens with the aim of attracting many customers according to this method, which is considered universal and one of the approved methods in all aspects of life, because of the safety it brings in not carrying lumps of cash in daily transactions.
It is noteworthy that the Deputy Governor of the Central Bank, Ammar Khalaf, explained in the first Iraqi Digital Economy Forum that “the digital financial transformation began with the localization of employees’ salaries and the opening of bank accounts, the primary purpose of which was the use of electronic payment in daily transactions, whether inside or outside the country,” and he pointed out that “some The ministries responded quickly to the directives of the Central Bank and the government, especially the Ministry of Oil, by making collections at gas stations and others done electronically, as well as the Directorate of Passports, which required that payment be electronic, in addition to the Directorate
General Traffic and other ministries.[/size]
[size=45]Edited by: Ali Muwafaq
Al-Sabah[/size]
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