In-app Transactions Increase Three-fold As Qi Card Keeps Eco
BAGHDAD, Sept. 28, 2020 /PRNewswire/ -- Qi Card, the leading electronic payment solution and national debit/credit card of Iraq, today reported the volume of transactions from users of its in-app, digital money transfer feature has increased at a rate three times higher than previous months, indicating a growing level of user adoption due to the security and convenience of the Qi Card offering.
These statistics demonstrate that Iraqis are taking social distancing with the level of seriousness it deserves and learning how to best co-exist with the virus through the safety and security of the in-app payment features offered by the Qi Card program. This is a positive trend as Iraqi citizens can share payments between one another safely and securely while facing a global health crisis.
ISC's Qi Card program has effectively changed the country's once cash-based financial landscape and economy. Qi Card introduced a digitized financial ecosystem built on the latest fintech, biometric identification and electronic payment system technologies to reach the country's citizens. The introduction of the Qi Card program eliminates the need for citizens to rely on making cash transactions or physically visiting local banks to deposit or withdraw monies.
Financial inclusion led by the digital age is unifying the people of Iraq and they are now taking advantage of the safety and security provided by the growth of a digital economy. The Iraqi Government currently pays employee salaries and pensions through electronic payment systems, and more small and medium size enterprises are moving away from a cash-based system to electronic, in-app payments. Fintech has circulated quickly throughout the population and reached nearly every town throughout the country linking citizens to a state-based financial system.
To learn more about Qi Card, visit www.qi.iq
About Qi Card
Qi Card is the leading electronic payment services solution in Iraq, which employs biometric identity as the cardholder verification method. Qi Card is operated and managed by International Smart Card "ISC," the most successful partnership in the history of Iraq. With its State Bank partners, Al-Rafidain and Al-Rashed, it has completed domiciliation of more than 7M citizens with its multi-biometric payment scheme. In just over 18 months, ISC was able to disburse 3T IQD in loans to over 800,000 Iraqi citizens. To date, ISC has an ecosystem of 17,000 POS and more than 6,000 merchants using the Qi scheme to provide easy merchant funded installment and other commercial activities. ISC issues and acquires payment cards on behalf of fourteen affiliated banks in Iraq. Through its principal membership in Mastercard, ISC has now issued more than 1.8M Mastercard and is now the largest Mastercard provider in Iraq.