Central Bank: E-commerce rises to $60 billion

The Central Bank of Iraq expects the amount of electronic payments to reach $60 billion by 2035, as part of the reform plan and the gradual abandonment of paper transactions.

In an exclusive interview with Al-Sabah, the bank’s spokesperson, Alaa Al-Fahad, said, “As part of its reform plan, the bank is pursuing an electronic transformation and financial inclusion, given its significant role in reducing reliance on paper cash transactions, which has significantly reduced the use of paper. It has also encouraged all individuals today to increase their transactions and shift to electronic payments, particularly for salaries and government departments.”

He added, “The bank is implementing a banking reform plan in cooperation with Oliver Wyman, which announced in its report a significant response from banks to the reform plan’s implementation, expecting electronic payments to reach $60 billion by 2035.”

Al-Fahd explained that “electronic payments have significantly reduced the printing of banknotes due to electronic transactions,” noting that “there is an idea to move towards digital electronic banks and the significant role they play in reducing reliance on paper money.”

He continued, “The development of electronic payment over the past three years has witnessed a qualitative leap and a very high growth rate, as the number of cards issued has reached more than 22 million cards, in addition to the import of devices that amounted to more than 75 thousand devices,” expecting that “the future will bring greater growth in the issue of electronic payment and transactions as an alternative to dealing with Paper.

Alsabaah.iq