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Generalization of the credit card reader on cash transactions
Monday 25 October 2021 145
Baghdad: Mustafa Al-Hashemi
The Central Bank adopted new mechanisms in the payments system several years ago, but this system did not achieve the ambitions due to the existence of a financial gap between smart card holders, caused by the incomplete automation process, which led to the continued dependence of citizens on cash withdrawals with financial losses distributed among the owners of outlets and exchanges.
The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader device to all cash transactions, in a way that encourages dealing in electronic cash.
According to the Central Bank, one of the most important achievements in the payment systems in the Payments Department is the start of work to assess the readiness of the Iraqi payment system, in line with the international standards {PFMIs} of the World Bank to upgrade payment and settlement systems in the country, within the agreement with the World Bank, which deals with payment systems electronics in Iraq.
The achievements were also represented in reforming the mechanism for paying the salaries of employees of institutions and state departments by localizing their salaries to bank accounts, including allocations and benefits, to an electronic system, as well as enhancing the role of payment systems in financial inclusion through digital services provided by banks and electronic payment service providers.
An important dimension in the strategy of the Central Bank, automating work through the use of electronic payment tools and encouraging the use of financial and banking services provided by banks and electronic payment service providers.
The reality of automation and the citizen
The specialist in banking affairs, Adel Al-Nuaimi, stated that, “The smart card system is a global system in which countries work to limit the circulation of cash and encourage their citizens to deal with the electronic payments system in an integrated system, unlike what exists inside Iraq, as it is an imperfect process.”
Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only,
while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”,
which would reduce Financial losses, and tangible development on the ground, not just on paper.
interbank market
For his part, the banker, Taha Ammar, said: {The payment system in Iraq needs to review and standardize the ATM reading of all smart cards, not as is the case now that each bank has its own ATM}.
Ammar added to {Al-Sabah}: {The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand,
and to increase cooperation between banks and improve their ability to diversify financial services to their clients.
On the other hand, attracting commercial and financial operations available in the market.
Generalization of the credit card reader on cash transactions
Monday 25 October 2021 145
Baghdad: Mustafa Al-Hashemi
The Central Bank adopted new mechanisms in the payments system several years ago, but this system did not achieve the ambitions due to the existence of a financial gap between smart card holders, caused by the incomplete automation process, which led to the continued dependence of citizens on cash withdrawals with financial losses distributed among the owners of outlets and exchanges.
The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader device to all cash transactions, in a way that encourages dealing in electronic cash.
According to the Central Bank, one of the most important achievements in the payment systems in the Payments Department is the start of work to assess the readiness of the Iraqi payment system, in line with the international standards {PFMIs} of the World Bank to upgrade payment and settlement systems in the country, within the agreement with the World Bank, which deals with payment systems electronics in Iraq.
The achievements were also represented in reforming the mechanism for paying the salaries of employees of institutions and state departments by localizing their salaries to bank accounts, including allocations and benefits, to an electronic system, as well as enhancing the role of payment systems in financial inclusion through digital services provided by banks and electronic payment service providers.
An important dimension in the strategy of the Central Bank, automating work through the use of electronic payment tools and encouraging the use of financial and banking services provided by banks and electronic payment service providers.
The reality of automation and the citizen
The specialist in banking affairs, Adel Al-Nuaimi, stated that, “The smart card system is a global system in which countries work to limit the circulation of cash and encourage their citizens to deal with the electronic payments system in an integrated system, unlike what exists inside Iraq, as it is an imperfect process.”
Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only,
while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”,
which would reduce Financial losses, and tangible development on the ground, not just on paper.
interbank market
For his part, the banker, Taha Ammar, said: {The payment system in Iraq needs to review and standardize the ATM reading of all smart cards, not as is the case now that each bank has its own ATM}.
Ammar added to {Al-Sabah}: {The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand,
and to increase cooperation between banks and improve their ability to diversify financial services to their clients.
On the other hand, attracting commercial and financial operations available in the market.
