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Electronic Payments and Service Standards

An article in Al-Sabah Economic Newspaper – May 4, 2026

Electronic Payments and Service Standards Hisham Khalid Abbas An article in Al-Sabah Economic Newspaper The electronic payments sector in Iraq is experiencing rapid growth, driven by digital transformation and the expansion of financial services. We are fully aware that the expansion of electronic payment services is an important step in improving the quality of services provided to citizens, as it helps to facilitate daily transactions and reduce reliance on cash, thereby saving time and effort and reducing complexity and waiting times at institutions and service centres. This trend also enhances financial transparency and improves performance efficiency in both the public and private sectors, as well as providing greater opportunities for financial inclusion and enabling larger segments of society to access modern banking services, which has a positive impact on economic stability and improves the standard of service provided to citizens. The Iraqi market is nascent and accommodates a significant volume of business. Here, competition must be encouraged amongst those working in this field within Iraq’s growing and substantial sector, as the country requires a major and extensive effort in the field of electronic payments. In reality, we see the support of the Central Bank of Iraq and hope for more for the electronic payments sector within the Iraqi labour market, and that the regulator will oversee everyone to achieve the objectives of electronic payments in Iraq, which is a destination for many specialists in this field. Improving electronic payment services in Iraq requires a major effort and must keep pace with global developments in this important field, which is now touching the lives of Iraqi families who interact with its products on a daily basis. Here, the new market must witness continuous development within the field of electronic payments, as Iraqi citizens have begun to closely follow every new development in this field and assess its suitability for their needs and lifestyle requirements. The Central Bank of Iraq’s support for this sector is a key factor in building trust between citizens and electronic payment institutions, through the establishment of clear regulatory frameworks and the enforcement of the necessary technical and security standards, thereby ensuring the protection of users’ funds and rights, Furthermore, effective oversight contributes to creating a stable business environment that encourages investment and drives companies to develop their services and products in line with citizens’ needs. Conversely, the success of the electronic payment system is linked to raising public awareness of the importance of these services and how to use them, as it is not enough to provide the technical means without building a digital financial culture among citizens. Therefore, education and awareness campaigns, alongside the continuous development of digital infrastructure and the expansion of service points, represent fundamental pillars for ensuring the wider dissemination of these services and achieving economic and social benefits. The future of electronic payments in Iraq depends not only on quantitative expansion, but also on the quality of the competitive environment, which ultimately contributes to enhancing financial inclusion and building a sustainable digital economy.

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