Economy News-Baghdad
Visa, the leading global digital payments company, announced on Thursday its cooperation with the Central Bank of Iraq to promote awareness of the importance of digital payments, noting that the campaign has the support of Prime Minister Mohammed Shiaa Al-Sudani.
“The world’s leading company in the field of digital payments, in partnership with the Central Bank of Iraq, launched 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,” said a statement from “Eqtisad News.”
He added that “this initiative has the support of the Iraqi Prime Minister, Mohammed Shiaa Al-Sudani; and aims to encourage the population of Iraq to adopt the financial independence provided by the system of non-cash payments.”
“The campaign, in partnership with the Central Bank of Iraq, seeks to build a secure digital payments system for merchants and consumers by reducing the use of paper money, promoting cashless payments and contactless payment solutions, and empowering people through financial inclusion,” the statement said.
Commenting on the topic, 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 as part of this awareness campaign for traders and consumers. We have always been keen to support financial inclusion initiatives across the country, along with relevant regulatory frameworks and oversight processes. Iraq remains a major supporter of digital financial services in line with the strategic plan of the Central Bank of Iraq.”
He added that “in its first phase the campaign will focus on educating the growing community of merchants and customers of Visa. Throughout history, merchants have been clearly cautious about using POS devices, which explains the heavy reliance on cash payment solutions. However, there is an increasing demand for digital payments in Iraq, where 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 Iraq’s population still does not have bank accounts, or does not have access to digital payments solutions.”
He pointed out that “the campaign will see the introduction of merchants and customers to the process of issuing cards, including obtaining and activating Visa cards, and using them for daily transactions with the application of realistic use cases such as online shopping payments, supermarkets and fast food restaurants. Visa’s efforts also include hosting training workshops, and developing user-friendly toolkits for merchants and consumers to speed up the acceptance and use of digital payments.”
In this regard, the Director General of Visa for the Arab Mashreq region, Mario Makary, said in the same statement: “There are great advantages to the cashless economy. Visa, we are actively seeking to provide these benefits to the population of Iraq, 80% of whom still do not have bank accounts and do not adequately access 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’s Vision 2030 aimed at promoting financial inclusion and building a diversified economy.”
“The world’s economies are experiencing rapid development in conjunction with the increasing use of digital technology in all fields of life,” he added. Based on our deep belief in the importance of education and education to develop and move forward, we urge all our traders and consumers to help build this cashless system in Iraq, and enjoy all its economic benefits. Visa has been cooperating for years with the Central Bank of Iraq and key players in the sector to enhance financial knowledge by providing tools that facilitate digital commerce.”
He pointed out that “the Iraqi government is recently seeking the digital transformation of the country to achieve diversified economic growth in response to Iraq’s Vision 2030. Last January 2023, the Prime Minister’s Office issued a mandate to use POS in all governmental and non-governmental institutions, furthering Visa’s efforts in Iraq.”
“Visa is always striving to stay at the forefront of innovation in its endeavors to create the largest open global network characterized by dynamic technology, partnerships and individuals,” the statement concluded. By establishing many initiatives and partnerships from Iraq, Visa has achieved a pioneering achievement represented in the launch of the country’s first digital payment card and multi-currency cards. From this ancient country, Visa has succeeded in achieving advanced, safe and world-class capabilities, including providing customers with a rich and rewarding experience.”
