Transition Towards Electronic Payment: An Important Step to Enhance Transparency and Combat Corruption

Financial experts praised the government's direction towards generalizing the use of Point of Sale (POS) devices in official institutions and the private sector, considering it a necessary step to modernize the Iraqi financial system. Experts explained that this transition will help reduce the risks of carrying physical cash and speed up financial transactions, in addition to its significant role in combating money laundering and administrative corruption by digitally documenting all financial operations. Iraqi banks have witnessed an increasing demand from citizens to open bank accounts and obtain credit cards to benefit from the advantages and facilities provided by e-commerce. The government is working on providing tax incentives and facilities for shops and companies that adopt digital payment systems, encouraging the building of a sophisticated financial society that mimics advanced global systems.