More than Eight Million Iraqis Now Have the Power to Complete Purchases and Receive Funds Electronically Via Qi Card

More than Eight Million Iraqis Now Have the Power to Complete Purchases and Receive Funds Electronically Via Qi Card

PR Newswire

BAGHDAD, Oct. 7, 2020

Qi Card Completes Domiciliation of More than Eight Million Citizens to Bring Further Financial Inclusion and Prosperity to Iraq

BAGHDAD, Oct. 7, 2020 /PRNewswire/ -- Qi Card, the leading electronic payment solution and national debit/credit card of Iraq, today announced it has provided eight million Iraqis with a secure way to directly receive pension, salary, and other payments via their Qi Cards. These safe and convenient financial transactions allow Iraqis to fully participate in the benefits of a digital-based economy.

Iraq's citizens are increasingly using Qi Card to manage their financial lives. They can receive their salaries and pensions, share money via an app, shop online, and pay their bills, all through a secure and proven platform. Qi Card's many capabilities are bringing about transformative change for Iraqi consumers as the economy moves from a cash-based society to a more inclusive model.

As the first fintech provider to move Iraq towards a digitally based economy, Qi Card streamlines daily life for users by eliminating the need for frequent cash transactions or in-person bank visits. In addition, the company has provided billions (USD) in vital loans to more than 800,000 Iraqi citizens since 2018 through the Qi Card platform.

To learn more about the various ways Iraqi citizens are utilizing Qi Card to receive their pensions, salaries, and other payments, 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 8M citizens with its multi-biometric payment scheme. In just over two years, ISC has been able to disburse 4B USD 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 2.4M Mastercard and is now the largest Mastercard provider in Iraq.

 

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