Sudanese government.. Adopting electronic payment is a step towards a developed economy
Sudanese government.. Adopting electronic payment is a step towards a developed economy
1-19-2023
Researcher Shatha Khalil *
The electronic payment system in Iraq is considered late in comparison to its material and human capabilities, but technology in Iraq has not taken its natural size to make life easier and more financially secure, so if we compare the same system in the Gulf countries, for example, because Iraq does not possess advanced technology In the field of the Internet and communications, in addition to the fact that the Iraqi economy is still suffering from difficult crises that prevent it from progressing. And the difficult political conditions that the country has gone through since 1990.
Nevertheless, the Iraqi government headed by Muhammad Shayaa al-Sudani sought to adopt electronic payment, as instructions were directed to the Central Bank of Iraq to facilitate banking licenses and reduce commissions on electronic payment, and oblige government departments and unions and link them to bank accounts to collect funds, and all wholesale and individual sales and even at the level of individuals, it is It is very normal in all developed and even developing countries, where there is no person who carries “cash” cash and several policies are taken to reduce dealing in securities and shift to a digital payment system for money, as citizens and merchants will follow electronic payment, and it will be binding procedures for project owners and shops, as Existing cards such as Master and Visa cards can be used for payment without the need to issue other cards.
An official at the Central Bank said that the government’s emphasis on obligating all institutions to activate electronic payment in all joints represents an important support for the bank, and in accordance with the aspirations of the Iraqi market that includes the public and private sectors, the Council of Ministers issued Regulation No. (3) of 2014 (“the rules”), based on The provisions of Clause No. (3) of Article (80) of the Constitution and Article 27 of the Electronic Transactions and Electronic Signature Law, in order to clarify the steps for establishing companies specialized in electronic payment operations; To support the economy and reduce the costs of transferring paper money, and the bank aimed to put the service into effect years ago as a basic business strategy to complement the salary settlement project that began years ago and supports the reduction of money exchange outlets (cash).
One of the advantages of the electronic payment process for citizens, merchants and banks is that the citizen will reduce the costs of obtaining a salary or revenue due to the money he pays through cash payment tools. As for the merchant, the movement of his money will be safe instead of carrying it with him or stacking it in places to be vulnerable to circumstances beyond his control.
Electronic payment operations are carried out through an integrated system of plans and programs provided by banking and financial institutions in order to facilitate the protection of electronic payment operations. The system is in accordance with the rules and laws that aim to ensure the confidentiality of insurance and the protection of supply procedures that ensure the provision of service, and this system has achieved great success in many countries, and it is considered the system applied globally.
Despite the development that has occurred in the mechanism approved for the payment of funds globally. However, specialized banks and companies in Iraq do not rise to the level of payment operations. For example, when a visitor comes to the country, it is unreasonable for him to carry cash in his bag, just as it is very natural for him to have a bank card to pay anywhere. This is what we must focus on to develop The mechanism for the visitor, resident and citizen.
The only bank that issues internationally approved electronic payment cards is the Commercial Bank of Iraq; In addition, another example of electronic payment in Iraq is a prepaid credit card company licensed by the Central Bank of Iraq, and linked to Al-Rashid and Al-Rafidain Banks (public sector banks) to provide Iraqi employees with their pensions.
In the context, this system will allow even the simple citizen to open the horizon to know the financial system that is used in the world and is available today in Iraq.
Electronic payment cards are issued by all banks to all their customers, provided that it is a personal or a bank account, and all holders of these cards can shop and buy online and then pay through them; Where the issuing bank of these cards provides a sum of money in the form of a loan to the customer’s account through which he can pay for his purchases and then repay later during the agreed period without paying any interest at all, in complete contrast to prepaid cards.
All operations, whether by payment or for the purpose of trade and transfers, are carried out in accordance with the laws and privacy of buying and selling procedures. Speak electronically via the Internet, using a secure payment system, encrypted information printed on your card and various confidential details. The companies and sites interested in this field differ according to their financial outlook.
Following and applying this system heralds a prosperous economy and a promising market for electronic payment systems, as the Iraqi market needs such fast, effective and guaranteed services, which can be used by government agencies and private companies to pay salaries, in installments, or subsidies, shopping centers, shops, doctors’ clinics, hospitals and much more One of the aspects that constitute the lifeblood of the citizen.
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