Baghdad - IA – Wissam Al-mulla
The head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that Iraq will witness a major electronic conversion in the next year.
Al-Najjar said in a statement to the (INA): “The number of cards for electronic payment users has exceeded the barrier of 18 million cards, and this means that a third of the Iraqi people use electronic payment cards,” pointing out that “there is a government trend that is in the interest of electronic payment through… Some decisions, and this indicates a major shift in the Iraqi economy.”
He continued, “The Iraqi market is on the verge of major digital campaigns in accordance with the economic decisions issued by the government of Prime Minister Muhammad Shia al-Sudani, and it is expected that the year 2025 will witness a major shift in dealing with electronic payments.”
How will the shift to electronic payments impact local businesses in Iraq?
Interview with Nabil Al-Najjar: The Future of Electronic Payments in Iraq
Editor, Time.news: Welcome,Nabil Al-Najjar. It’s great to have you with us today to discuss the exciting developments in Iraq’s electronic payment landscape. Can you start by telling us about the current state of electronic payment adoption in Iraq?
Nabil Al-Najjar: Thank you for having me. Currently, we’ve reached a significant milestone—over 18 million electronic payment cards have been issued. This statistic means that nearly a third of Iraqis are utilizing these cards in their daily transactions, which is a remarkable achievement for our economy.
Editor: That is indeed extraordinary. What factors do you believe have contributed to this shift toward electronic payments?
Nabil al-Najjar: Several factors are playing a role here. Firstly, there’s a strong governmental push to facilitate electronic payments through strategic decisions aimed at enhancing the digital economy. The recent economic policies enacted by the government of Prime Minister Muhammad Shia al-Sudani emphasize modernization and efficiency in financial transactions, making electronic payment systems more appealing to both consumers and businesses.
Editor: You mentioned a major electronic change expected next year. Can you elaborate on what this transformation entails?
Nabil Al-Najjar: Absolutely. The transformation will involve launching extensive digital campaigns to increase awareness and accessibility of electronic payment methods. We are working towards integrating more services and improving infrastructure, which will facilitate smoother and more secure transactions. By 2025, we anticipate a notable shift in how we handle electronic payments, moving closer to a cashless society.
Editor: What implications do you see this electronic conversion having on the Iraqi economy as a whole?
Nabil Al-Najjar: The implications are profound. A transition to electronic payments will likely enhance clarity in transactions, reduce the risk of fraud, and ultimately contribute to economic growth. Improved financial inclusion is another critical aspect—more people will have access to financial services, thus stimulating local businesses and driving innovation in the economy.
Editor: from your viewpoint as the head of the electronic payment team, what practical advice would you give to individual users as well as businesses looking to embrace electronic payment systems?
Nabil Al-Najjar: For individual users, I would recommend familiarizing themselves with various electronic payment options available, ensuring they choose reliable platforms that prioritize security. For businesses, it’s essential to integrate electronic payment solutions into their operations not just as a payment option, but as a way to enhance customer experience and streamline processes. Training staff on these systems will also be crucial for a smooth transition.
editor: Thank you for sharing these insights with us.As Iraq moves towards a more digitized economy, what future developments should we be on the lookout for?
Nabil Al-Najjar: We are continually exploring innovative technologies like mobile payments and blockchain. The ongoing collaboration between the government and private sectors will also pave the way for new initiatives that will enhance digital literacy and participation in electronic payments. Keeping an eye on these developments will be vital as they considerably influence Iraq’s economic growth trajectory.
Editor: Thank you, Nabil Al-Najjar, for your valuable insights and for sharing your expertise on the future of electronic payments in Iraq. We look forward to watching this digital transformation unfold.