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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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    Rafidain and Rashid deny the suspension of electronic payment devices: The service continues

    Rocky
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    • Post n°1

    Rafidain and Rashid deny the suspension of electronic payment devices: The service continues Empty Rafidain and Rashid deny the suspension of electronic payment devices: The service continues

    Post by Rocky Sun 03 Nov 2024, 7:10 am

    [rtl][size=36]Rafidain and Rashid deny the suspension of electronic payment devices: The service continues[/rtl][/size]
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    [rtl]Posted on: November 3, 2024: 12:25 PM[/rtl]
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    Exclusive/Al-Mada
    Rafidain and Rashid Banks denied the circulating news about the stoppage of electronic payment devices at gas stations, stressing that these devices are operating normally and without interruption.

    This clarification came in response to rumours that raised citizens’ concerns about the possibility of disruption of the electronic payment service at stations, which could negatively affect the smooth flow of fuel to vehicles.

    The media office of Rafidain Bank stated in a statement received by (Al-Mada), that “some media outlets and social networking sites have circulated news about the suspension of electronic payment devices at fuel stations,” noting that “the bank denies the accuracy of this information and that the electronic payment service related to Rafidain Bank is available at fuel stations and is running smoothly.”

    The bank called on the media to “exercise accuracy and credibility in reporting the news and to obtain information from its official source.”

    For his part, the media office of Rashid Bank stated that “Rasheed Bank confirms the continuation of the work of electronic payment devices and denies the existence of any stoppage in the bank’s devices, and the work is proceeding smoothly and is being followed up by the department concerned with electronic payment.”

    The Oil Products Distribution Company is the first government company to initiate electronic payment, as it began the trial operation of electronic payment in 2023, and once it was completed, it was launched in all governorates.

    Electronic payment revenues for last August amounted to 615 billion dinars out of a trillion in total sales. With these figures, electronic payment constitutes 65% of the revenues of the Oil Products Distribution Company.

    The Oil Products Company is working to generalize electronic payment in fuel stations by equipping all fuel stations with electronic payment devices and completing cash transactions.

    Taha Al-Janabi, an economic expert, confirmed during an interview with Al-Mada that “the electronic payment system is a pivotal step towards strengthening the Iraqi economy and facilitating daily transactions for citizens,” noting that “this system contributes to reducing reliance on cash, enhances financial transparency, and limits manipulation and forgery.”

    He explained that “electronic payment is not only a means of transactions, but it is a fundamental pillar in developing the financial system and increasing confidence in commercial operations, which supports economic growth and encourages investment.”

    Al-Janabi pointed out that "relying on electronic payment reduces the operational costs of institutions and makes financial transactions more secure and faster."

    He added, "This system contributes to improving the operational efficiency of companies, which positively reflects on the local market and pushes towards a qualitative transformation in financial transactions."

    Regarding the damages resulting from the suspension of electronic payment systems, the economic expert confirmed that “any malfunction or interruption in this service could lead to market confusion and weaken citizens’ confidence in digital financial transactions, especially in vital sectors such as fuel.”

    He explained that "the suspension of electronic payment pushes citizens to return to cash transactions, which increases operational costs, exposes transactions to the risk of theft and forgery, and disrupts the flow of services."

    Al-Janabi stressed the "importance of developing and supporting the electronic payment infrastructure in Iraq, and ensuring the continuity of these systems without interruption," noting that "this is a long-term investment in the future of the national economy and serves Iraq's aspirations towards digital transformation."

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