The Iraqi Private Banks League announced that nine electronic payment companies had waived their commissions on point-of-sale (POS) transactions in all government institutions until the end of this year. This move is in response to the Cabinet's decision to deploy electronic payment tools in state institutions.
Ali Tariq, the Executive Director of the Iraqi Private Banks League, stated in a press release that the banking sector is currently working to implement the Council of Ministers' decision to activate electronic payment tools in all state institutions. Thus, nine electronic payment companies, including Amwal, APS, Iraq E-Gate, Ishtar Gate(Blue), Areeba, Yana, QI Card, Tabadul, and National Gate, have decided to zero commissions for local movements of government services on collection devices, known as POS, until the end of this year.
Tariq further mentioned that the banking sector's infrastructure is fully prepared for the deployment of electronic payment tools, particularly since a significant numeral of Iraq's citizens possess bank cards of various types.
This step, which comes under the supervision of the Central Bank, is very significant in achieving financial inclusion, contributing to the spread of electronic payment culture, and facilitating transactions and procedures, He added.
He also emphasized that undertaking electronic payment tools in all state institutions would complete the money cycle, contributing to the boost of credit and financing for large, medium, and small projects.