Baghdad – IA
Today, Tuesday, a government source revealed the issuance of electronic cards to small merchants, while specifying their conditions.
The source told the (INA), “Based on the directives of the Prime Minister and in light of the discussions that took place between the government, the Central Bank of Iraq and electronic payment companies for more than two months, a mechanism for issuing electronic cards to small merchants was approved, with a ceiling of 100 thousand dollars per month.” To implement payment operations for import purposes in a way that ensures reducing the demand for cash dollars by real merchants.”
He added, “The new mechanism includes:
1- Payment companies submit a request to the Central Bank to obtain approval to create this product and launch the (merchant) card.
2- Determine the uses of the cards to be for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, provided that the ceiling for these cards is not to exceed (100) thousand dollars per month, with the possibility of raising the ceiling in the future in light of the results of the actual implementation.
3-The cards are used for the purposes of purchasing goods and services from known suppliers according to pre-defined white lists.
4-The company bears its duty to apply due diligence and in accordance with basic requirements, the most important of which are the main international ban lists of the United Nations, the Office of Foreign Assets Control and the European Union.
5-The money of small merchants is deposited in the branches of various Iraqi banks in Iraqi dinars.