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Go Iraq Part 2

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Business

Paying with plastic? Iraqis weigh pros and cons

By Zhelwan Z. Wali 28 minutes ago

 

https://www.rudaw.net/english/business/13072019

A shopowner in Baghdad, Iraq, receives payment for goods at a supermarket in the capital as officials weigh supporting more cashless initiatives. Photo: Rudaw video
A shopowner in Baghdad, Iraq, receives payment for goods at a supermarket in the capital as officials weigh supporting more cashless initiatives. Photo: Rudaw video

BAGHDAD, Iraq — In Iraq's cash-driven economy, the Communications Ministry and head of the Central of Bank are getting input on a mechanism that would allow banks and shops to further facilitate the use of debit and credit cards.


"The opportunities available for the Iraqi banks are suitable to embark on electronic system and establish a strong infrastructure by making use of technology which is helpful for banking and money related affairs," Iraqi Central Bank Governor Ali al-Allaq told Rudaw on Friday.

Banks are increasingly utilizing ATM cards to distribute salaries to employees in major cities, but most are still paid in hard cash via the Iraqi dinar or US dollar — especially outside major cities.

According to data from the Baghdad Banks Group, only eight shops use bank card scanners for the sale of their goods in Baghdad. In the Kurdistan Region of Iraq, some hotels, airports, and shops catering to foreigners accept debit or credit cards.

A shop owner in Baghdad explained that customers are not familiar with paying with plastic cards via card scanners. However, Saad Abdulla detailed that as the owner of Nakhla Supermarket he would prefer to accept bank cards.

"The electronic system is better and we prefer it. Because maybe sometimes you receive counterfeit banknotes and you do not know it [at the time]," he explained. 

Iraq offers banknotes in the 250, 500, 1,000, 5,000, 10,000, 25,000 and 50,000 dinar verities. The currency is easily torn and worn, making the detection of counterfeits more difficult. Additionally, vendors are often hesitant to accept US currency produced prior to 2006.

"Or sometimes when we receive cash, we do not have change to pay back. The most important thing to me is change which I do not have usually," added Abdulla.

Others who spoke to Rudaw believe Baghdad will need to play a bigger role to institute such sweeping changes.

The world's largest business software company SAP held a conference in the Iraqi capital with the attendance of Minister of Communication Naim Thajeel al-Rubaie and other government officials on July 4.

A statement from the Iraqi ministry detailed that a "digital transformation" was discussed with the Iraqi Council Ministers, as well as representatives from the German Embassy. 

SAP is headquartered in Weinheim, Germany. Neither it nor the embassy had an immediate comment on the project.

"A Visa card is way better. I hope everything becomes electronic as is the case in the west. I hope it will happen here as well," customer Muhanad Abdulsatar told Rudaw about the possible initiative.

Iraq has not held a census in more than 30 years. Its population is estimated around 40 million and rapidly increasingly. 

The QiCard was established in Iraq in 2007 and is represented by the country's largest bank, Rafidain. According to its website, 12 banks including Rafidain and Rasheed have issued 7.4 million cards at 450 centers across the country.
Edited by 6ly410
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2 hours ago, navira said:

Watching all 4 corners bro haha...

 

1 hour ago, 6ly410 said:

haha 

 

Ok Brohaha’s - Here’s Some More Blue Couch Br’opium From Delta ! :o 

 

 

And Watch Ur Buns Around Frank ...

 

:D  :D  :D 

 

 

image.thumb.jpeg.62287f7444949ecbe35a8162ad006f9e.jpeg

MAYBE IT'S SOMETHING OR NOTHING BUT............NO RATE UPDATE SINCE WED ON CBI...

DELTA

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I believe that Iraq now is showing concern on the corruption inside and outside CBI and the enormous amount of money loss....it is just a matter of time now for the committees or those in the higher ups to pull the plug in stopping the auction...and put a mechanism in place that would put a price tag(ri/rv) to the dinar to compensate for the loss...this is my opinion...I beleive they will not come out low ...cheers bros 

 

 

 

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12 hours ago, navira said:

Hey bros...was fell asleep haha

 

Welcome To The Exciting World Of Watching Our Investment ‘Grow’ ! :o 

 

And now we wait. .. He'll probably die before he dies
 
:D  :D  :D 
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2 hours ago, DinarThug said:

 

Welcome To The Exciting World Of Watching Our Investment ‘Grow’ ! :o 

 

And now we wait. .. He'll probably die before he dies
 
:D  :D  :D 

Truth!!! :lol::rocking-chair:

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3 hours ago, DinarThug said:

 

Welcome To The Exciting World Of Watching Our Investment ‘Grow’ ! :o 

 

And now we wait. .. He'll probably die before he dies
 
:D  :D  :D 

Love it.

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3 hours ago, DinarThug said:

 

Welcome To The Exciting World Of Watching Our Investment ‘Grow’ ! :o 

 

And now we wait. .. He'll probably die before he dies
 
:D  :D  :D 

My luck it would be one of those bonsai plants. 

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That’s funny Chuck. I was thinking my tree would die.  Thanks Thugs, you always make me laugh. 

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18 minutes ago, Pitcher said:

That’s funny Chuck. I was thinking my tree would die.  Thanks Thugs, you always make me laugh. 

I guess we have the same luck as that three legged rabbit, Lucky. 

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Hey Bros, I have been waiting/watching for Art. 8. Due out 19 July. What is your thoughts on it as a trigger point?

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Hey bro CF,  are u referring to the standby arrangement coming on July 19?

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Bro CF, if this has to do with the payment arrangement , I seriously doubt this has any bearing on the rv ..they have had many of this meeting and each outcome results in no rv. ..I beg to differ unless otherwise proven...cheers bros...and let's go CBI ...stop that auction n flip  that change button...let's go

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