What payment gateway does Iraq use?

19 Jan 2024 By PAYCEC

The Iraqi payment gateway environment is gradually changing, with payment gateway adoption playing an increasingly important role in this transition.

The specific payment gateways in Iraq reflect the challenges and opportunities in a country balancing tradition and modernity.

In January 2023, the Central Bank of Iraq took a pivotal step in advancing electronic payment acceptance, urging payment service providers (PSPs) and acquirers to initiate their efforts for implementation.

Concurrently, the Iraqi Council of Ministries reinforced this initiative by directing governmental and private entities to facilitate electronic payment acceptance.

Presently, Iraq boasts 17 licensed payment service companies authorized by the Central Bank. These PSPs have collectively deployed over 13,000 POS machines across the country.

Mobile money entities such as NassWallet, ZainCash, AsiaPay, and FastPay are pivotal contributors to the payment acceptance ecosystem.

NassWallet, in particular, is a reputable payment gateway in Iraq trusted by a diverse array of merchants, including online stores and apps.

Moreover, partnerships have emerged as instrumental drivers in fostering electronic payment acceptance in Iraq following the popularization decision by the CBI and the Council of Ministries.

Noteworthy collaborations include the partnership between Rafidain Bank and Switch, a prominent electronic payment services company.

This alliance aims to distribute POS devices widely, expanding the acceptance infrastructure and enabling merchants of all sizes and locations to embrace digital payments.

In addition, Areeba, a leading electronic payment gateway in Iraq, has forged partnerships with Al-Taif Islamic Bank and Iraqi Noor Islamic Bank.

These collaborations signify Areeba's commitment to delivering comprehensive electronic payment solutions, especially in POS and online payment gateways.

The objective is to elevate the digital payment experience for bank customers, encouraging the widespread adoption of electronic transactions.

However, despite these local payment gateways in Iraq, challenges persist in fully venturing into the digital financial paradigm.

A significant portion of the population still prefers cash transactions, and there are concerns about the reliability of local platforms, as expressed by some users.

This uncertainty emphasizes the need for a trustworthy checkout service provider that effectively addresses the Iraqi payment gateway issues.

It is where PayCEC enters the scene, bringing a commitment to security, reliability, and user-friendly interfaces. PayCEC is financially accessible for businesses by allowing them to register with no setup fee.

By addressing the budget constraints of SMEs, PayCEC contributes to the broader mission of making digital transactions more common, thereby enhancing the overall vibrancy and inclusivity of the Iraqi payment gateway landscape.