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Economists: Citizens still prefer cash transactions over electronic transactions
Economical 03/18/2024
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 Al-Sabah:
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 use mechanism. A credit 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 to “Al-Sabah” for the
necessity of spreading the culture of electronic payment among the segments of society, pointing out that
most citizens prefer cash transactions over electronic transactions because they have become 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 Passports Directorate, which required that payment be electronic, in addition to the General Traffic Directorate and other ministries.
https://alsabaah.iq/93643-.html
Economical 03/18/2024
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 Al-Sabah:
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 use mechanism. A credit 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 to “Al-Sabah” for the
necessity of spreading the culture of electronic payment among the segments of society, pointing out that
most citizens prefer cash transactions over electronic transactions because they have become 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 Passports Directorate, which required that payment be electronic, in addition to the General Traffic Directorate and other ministries.
https://alsabaah.iq/93643-.html
