Iraq Wallet, the first licensed mobile commerce company in Iraq, announces it has expanded its ZainCash service by introducing an online payment solution, ‘Pay with ZainCash’. This service is available to Zain mobile customers, and is the first of its kind in Iraq.
Iraq Wallet’s ‘Pay with ZainCash’ is expected to have a major impact on expanding e-commerce nationwide supporting the creation of an enabling environment for entrepreneurs to operate, while stimulating Iraq’s digital economy and kick-starting the adoption of e-commerce.
‘Pay with ZainCash’ allows sellers to accept online payments through their websites and mobile applications in a simple, fast, and secure manner, while also enabling customers to purchase products and services online.
Cash is the dominant payment method in present-day Iraq due to the lack of electronic payment alternatives. Cash payments impose high operational costs on the economy and merchants due to collection, processing, and safeguarding. This has resulted in the development of a challenging business environment, particularly for entrepreneurs and online businesses.
With the launch of this latest service, Iraqis will be able to purchase a broad range of products and services, which could previously only be acquired through face-to-face transactions. These include purchasing airplane tickets, movie tickets, consumer goods, and other products that are sold online across Iraq.
Commenting on the introduction of the new service, Yazen Al-Timimi, MD of Iraq Wallet said, “E-Commerce in the MENA region is expected to grow to US$ 200 billion by 2020, and with Iraq having a large and young consumer base, counting a population of 35 million, ZainCash is set to drive the mass adoption of online payment solutions in the country.”
Al-Timimi continued, “With a solid base of over 11 million customers, many of whom have never had access to online payment services, benefitting from Zain’s 3G mobile network, we believe ZainCash will be instrumental in boosting economic and social development across Iraq.”
Iraq Wallet introduced ZainCash in Iraq at the beginning of 2016 and with this online payment solution’s expansion, the service now allows users to deposit e-money onto their mobile numbers, transfer money across Iraq, Cash-in/Cash-out at thousands of locations, purchase digital goods and products online, and more.
All current and future ZainCash services will also be subject to the systems and safety protocols instituted and overseen by the Central Bank of Iraq, which has established operational regulatory and administrative frameworks for these services in line with international standards. The Central Bank of Iraq’s mission is to promote confidence in the economy through the creation of a safe economic environment coupled with a sound competitive system for all. This outlook has been reaffirmed through several policies and procedures introduced by this major financial institution on several occasions.