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Visa Cooperates With The Central Bank Of Iraq To Raise Awareness Of The Importance Of Digital Payments
Money and business Economy News-Baghdad On Thursday, the leading company in the field of global digital payments, Visa announced its cooperation with the Central Bank of Iraq to raise awareness of the importance of digital payments, pointing out that the campaign has the support of Prime Minister Muhammad Shiaa al-Sudani.
A company statement, received by “Al-Iqtisad News”, stated that “the world’s leading company in the field of digital payments, Visa, launched, in partnership with the Central Bank of Iraq, an initiative to introduce merchants and consumers in Iraq to the benefits of digital payments, and to raise awareness about the safety and security of these transactions.” He added,
“This initiative enjoys the support of the Iraqi Prime Minister, Muhammad Shia’a al-Sudani, and aims to encourage the Iraqi population to adopt the financial independence provided by the non-cash payment system.” The statement indicated that
“the campaign seeks, in partnership with the Central Bank of Iraq, to build a secure digital payment system for merchants and consumers by limiting the use of paper money, promoting non-cash payments and contactless payment solutions, and empowering people through financial inclusion.”
Commenting on the matter, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, said:
“We at the Central Bank of Iraq are pleased to cooperate with Visa in the framework of this awareness campaign for merchants and consumers.
We have always been keen to support financial inclusion initiatives in various parts of the country, in addition to regulatory frameworks and related supervision processes.Iraq remains a major supporter of digital financial services in line with the strategic plan of the Central Bank of Iraq. He added,
“In its first phase, the campaign will focus on educating the growing community of Visa merchants and customers.
Throughout history, merchants have shown clear caution in using direct point of sale devices, and this explains the high reliance on cash payment solutions.
However, there is an increasing demand for payments In Iraq, it is expected to grow by 14.23% between 2023 and 2027.
This initiative will increase financial literacy and enhance financial inclusion, especially since about 80% of the Iraqi population still do not have bank accounts, or do not have access to digital payment solutions.”.
“The campaign will introduce merchants and customers to the process of issuing cards, including obtaining and activating Visa cards, and using them for daily transactions, while applying realistic use cases such as online shopping payments, supermarkets and fast food restaurants.
Visa’s efforts also include hosting training workshops and developing Easy-to-use toolkits for merchants and consumers to accelerate acceptance and use of digital payments.
In this regard, Mario Makari, General Manager of Visa for the Arab Levant region, said in the same statement:
“There are wonderful advantages to the cashless economy.
We at Visa are striving to provide these benefits to the Iraqi population, of whom 80% still do not have bank accounts and do not have sufficient access to The digital payment services they need.
Our new campaign, which has the support of the Prime Minister and the Central Bank of Iraq, is in line with the goals of Iraq Vision 2030 to promote financial inclusion and build a diversified economy.” He added,
“The world’s economies are witnessing rapid development in conjunction with the increasing use of digital technology in all fields of life.
Based on our deep belief in the importance of education and education for development and moving forward, we urge all our merchants and consumers to help build this cashless system in Iraq, and enjoy all its economic benefits.”
Visa has been collaborating for years with the Central Bank of Iraq and key players in the sector to advance financial literacy by providing tools that facilitate digital commerce. He pointed out that
“the Iraqi government has recently been seeking digital transformation in the country to achieve diversified economic growth in response to Iraq’s vision for the year 2030.
And last January of 2023, the Prime Minister’s Office issued a mandate to use points of sale in all governmental and non-governmental institutions, which enhances Visa’s efforts in Iraq”. The statement concluded,
“Visa is always striving to stay at the forefront of innovation in its endeavors to create the largest open and dynamic global network of technology, partnerships and people.
By establishing many initiatives and partnerships from Iraq, Visa has achieved a pioneering achievement represented in launching the first digital payment card and multiple cards.”
From this ancient country, Visa has succeeded in achieving advanced, secure and world-class capabilities, including providing customers with a rich and rewarding experience.”
Views 293 08/31/2023 – https://economy-news.net/content.php?id=36102
Iraq Is Making Remarkable Progress In The List Of The Largest Economies In The World In 2023. This Is Its New Rank
Economy 2023-08-31 | 3,818 views Alsumaria News – Economy Iraq ranked 49th globally in the list of the world’s largest economies for the current year 2023, according to CEOWORLD’s report on statistics.
The report, which was based on GDP data for each country, stated that “the United States has maintained its position as the leading global economy and the richest country, retaining its first position with a GDP of $26.85 trillion, followed by China in second place with a GDP of $19.37 trillion. American, then Japan third with a total of 4.41 trillion dollars, then Germany in fourth place with a total of 4.31 trillion dollars, then India in fifth place with a total of 3.74 trillion. He pointed out that
“Iraq ranked 49th in the world and 4th in the Arab world, with a gross domestic product of $267.89 billion.” Note that Iraq was ranked 52nd last year 2022.
https://www.alsumaria.tv/uploadImages/ExtImages/Images1/Screenshot%202023-08-31%20092738-638290602290646196.png
According to the report, Saudi Arabia ranked first in the Arab world and 18th in the world with a gross domestic product of $1.06 trillion, followed by the UAE with a total of $498.98 billion, then Egypt with a total of $387 billion, then Iraq came fourth in the 49th place in the world, followed by Qatar with an output of $219 billion, then Algeria. $2.6 billion, Kuwait $164 billion, then Morocco $138 billion, then Oman $104 billion, then Jordan $52 billion, while Tunisia came in tenth place with a GDP of $49 billion.
https://www.alsumaria.tv/news/economy/466336/العراق-يحقق-تقدماً-ملحوظاً-بقائمة-أكبر-اقتصادات-ال
The Deterioration Of The International Transport Market And Its Reflection On The Success Of The Development Road Project.. How Will The Sudanese Government Deal With The Problem Of (Ships And Containers)?!
Ziyad Al Hashemi The international shipping sector suffers from significant declines in the demand for transportation from Asia and China to Europe, due to the decrease in the demand for Asian goods and products in Europe.
As the maritime transport companies were forced to temporarily stop a number of their giant ships in the middle of the sea and cancel trips to Chinese ports due to the small number of container goods ready for transportation.
The decrease in the demand for maritime transport led to significant decreases in transport prices by large rates, reaching about 85%, compared to the years 2021-2022.
This is what caused a decrease in the revenues of maritime transport companies by up to 73%, with expectations of achieving losses if the current situation continues.
The situation was exacerbated by the entry of new ships to the market with larger tonnages, as a result of previous requests to build ships made by shipping companies when the demand for transportation was strong.
In light of all these difficulties, international transport companies tend to exploit fleets of ships (in the best economical way) possible to reduce operating costs and provide competitive transport rates.
Including the use of ships and containers to transport containers to the farthest possible port on the routes between Asia and Europe, and not directing ships on short or medium trips, as this raises transportation costs and losses incurred by transport companies.
This means that the shipping companies that dominate the global transport sector will not give up the transportation of the container for other means of transport (land) or allow other parties to participate in the revenues of transporting their containers.
As it is known that the shipping companies are the ones that own the ships and containers, and these companies will not accept the use of their containers by other companies or countries and benefit financially from their transportation.
Therefore, the Iraqi government will suffer a lot to persuade shipping companies to use the port of Faw and the development road, which will not sacrifice the voyages of its ships and the profits of its containers for the sake of the government’s desires for the success of the development road and the realization of the dream of linking the East with the West through Iraq.
It is unfortunate that the Iraqi government has not yet understood the nature of the international transport market and has not taken action on the major transport companies to find out whether these companies will accept to give up the role of their ships and allow Iraq to transport their containers instead of them and profit from them, and how Iraq will be able to compensate these companies for their losses.
What occupies Messrs. Al-Sudani / Mohebis / Al-Kaabi is not all this, but rather the length of the development road, its path, its specifications, the speed of the train, the vague feasibility study, visits here and there, and moving flags and writers to promote this project without a real move on the influential players in the international transport market who have the ability to make or break an idea Connecting East and West through Iraq!
Ziyad Al Hashemi Views 115 08/26/2023 – https://economy-news.net/content.php?id=35893
Citizens Complain About “Impossible Conditions” Set By Banks To Obtain Dollars
Economy U.S. dollar breaking Central Bank of Iraq Parallel market 2023-08-31 Shafaq News/ Obtaining the dollar at the official rate has become a haunting issue for citizens, despite the availability of the required conditions.
Duraid Salman, who underwent a liver transplant for his daughter in India, said, “For the second time, he had a medical trip to complete the recovery of his daughter and his donor wife. He went to a Rafidain bank to obtain dollars at the official price for the purpose of paying the costs of treatment to the hospital instead of buying dollars from the parallel market at high prices.”. He continued,
“During his submission of the required documents for him, including an official visa, a travel ticket, and all the required conditions, he was surprised that he was not included in the dollar, justifying that he does not have a residence permit, and it was not mentioned in the ticket at the time of return.” He pointed out that
“residency cannot be granted for such cases, but the patient is granted a visa for a period of 6 months, and the date of return is not determined by the patient, but rather by the hospital upon completion of treatment.” He asked about
“the reasons for the complexity and routine in obtaining the dollar for the real person who needs the dollar in such humanitarian matters,” noting that “the bank’s auditors suffer from excessive crowding and staying under the hot sun to obtain 3 thousand dollars for the traveler.” He called on
“officials to put an end to the suffering of citizens, especially for those who have a patient because he needs treatment and to provide medicine,” noting that “these complications and routine push us to obtain dollars from the parallel market.”
https://www.shafaq.com/ar/اقتصـاد/مواطنون-يشكون-من-شروط-تعجيزية-تضعها-المصارف-للحصول-على-الدولار
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