Iraqi mobile commerce company Iraq Wallet has introduced a new online payment service, which will enable buyers and sellers to make payments online using its ZainCash service.
The new ‘Pay with ZainCash' feature will allow allows sellers to accept online payments through their websites and mobile applications in a convenient and secure fashion, while also enabling customers to purchase products and services online.
The service is intended to enable entrepreneurs in the country to set up e-commerce operations and to accept payments online, to help develop a digital economy for Iraq. ZainCash is available to Zain mobile customers, and is the first of its kind in Iraq.
Yazen Al-Timimi, managing director of Iraq Wallet said: "E-Commerce in the MENA region is expected to grow to $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.
"With a solid base of over eleven 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," he added.
ZainCash was launched 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.