Electronic payment and the Iraqi economy
By PhD student at the Department of Economics: Haider Antar Khalaf

Modern technological developments and innovations taking place internationally have revolutionized the world of information and communications. This is one of the essential characteristics of the contemporary era, as it affects society and individuals to start acting on it, as modern technology is used to bring new options to individuals and companies, which shortens energy and time, and therefore reduces the cost, so these modern technologies have led to influence and development in various fields of economy, Law, Society, and culture. Since banking is among the most important economic sectors, the impact was evident through the development of traditional payment methods and their transformation to electronic payment methods.

After 2003, the Iraqi banking sector witnessed openness to the outside world and the use of modern banking technology to provide services to customers. To keep pace with the latest rate of development in the global banking sector, Iraqi banks seek to develop their services by taking advantage of Information Technology and applying electronic payment systems and means to diversify banking services and create new services to increase their efficiency and thus increase their profits. According to the Association of Iraqi Private Banks, citizens’ total number of active credit cards amounts to about 14.9 million cards of various types, in addition to 2.1 million payment wallets activated via smartphones.
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