For the first time and within two months, the electronic payment system in Iraqi dinars exceeds one trillion

For the first time and within two months, the electronic payment system in Iraqi dinars exceeds one trillion

2024-04-07 01:23

For the first time and within two months the electronic payment system in Iraqi dinars exceeds one trillionShafaq News/ The Future Iraq Foundation for Economic Studies and Consultations reported on Sunday that payments through the retail electronic payment system in Iraqi dinars rose to more than 1.2 trillion Iraqi dinars for the month of February 2024, with a monthly increase of 15% compared to January 2024. An annual increase of 96% compared to February 2023.

The institution stated in its report that the volume of transactions in the electronic payment system exceeded the barrier of one trillion dinars for the first time in January of this year, reaching one trillion dinars, and it rose again in February to reach 1.16 trillion Iraqi dinars.

According to the report, these increases come with the new mechanisms that were used at the beginning of the year in the necessity of electronic transactions with government agencies, as well as reliance on electronic payment at various fuel processing stations, and it is expected that the rise will continue if the reform package that will increase the demand for fuel continues. Electronic payment.

The corporation also expected that electronic payment operations would exceed 3 trillion Iraqi dinars in the coming months through the electronic payment system, reaching more than 25 trillion Iraqi dinars during the entire current year.

According to the report, not all electronic payment operations appear on this system, as there are some purchases or withdrawals that take place through the systems of electronic payment companies that are not linked to this system, which means that the volume of electronic financial transactions is increasing and there is a real trend towards change towards electronic payment. Which would improve financial inclusion in Iraq.

shafaq.com