Iraq needs 4 million electronic payment devices, and what the government provided does not exceed 25 thousand devices

HowieC · January 8

Economist: Iraq needs 4 million electronic payment devices, and what the government provided does not exceed 25 thousand devices

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The economic expert, Mustafa Hantoush, described the government’s steps to provide electronic payment devices as successful, indicating that the number is small and needs encouraging measures, especially for shop owners.

The Iraqi government had set June 1, 2023, as the date to activate the electronic payment process “because of its high level of protection and security, its shortening of time and effort, and its contribution to revitalizing the economy,” according to the directives of Prime Minister Muhammad Shia’ al-Sudani.

The directive stated that the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service in the public and private sectors, including obligating all centers and shops of all kinds, restaurants, pharmacies, private medical clinics, warehouses, and all wholesale and retail marketing outlets and licensed services that require payment in their favor within the limits of the Baghdad Municipality. And the centers of governorates and districts throughout Iraq, opening bank accounts and providing point-of-sale devices for electronic payment ( POS ) to pay by bank cards to collect money and to enable those who wish to pay with cards, while maintaining cash receipts side by side, while linking the renewal of work licenses and granting vacations. Practicing the profession through the availability of these devices.

Hantoush said in a press interview seen by “Taqaddam” that “the government has succeeded in providing POS devices currently deployed, numbering 23 thousand devices,” pointing out that “the number is very small, and we need approximately 1 million devices for this service to be available in every street.” If they are provided to all shops, we will need approximately 3 to 4 million devices throughout Iraq.”

He added, “We must give licenses to new companies working to provide devices and cards, and there must be strategies to win over shop owners, and provide them with accounts that can be converted into dollars and transactions,” pointing out “the necessity of giving the citizen free service for a period of no less than six months to a year, and it must There should be interest on savings that remain for a specific period.”

The economic expert called for “working on a pricing policy in this process,” noting that “the government has taken a significant set of measures that require more seriousness in order to spread this very important culture, which serves the state.”