Which online payment method is available in Iraq?

19 Jan 2024

Currently, online payment methods in Iraq are provided by local companies such as NassWallet, ZainCash, AsiaPay, and FastPay.

These digital wallets offer users a secure and convenient means of making online payments, aligning with the global trend toward cashless transactions.

NassWallet, a standout player, has established itself with a broad merchant base, including online stores and apps that accept NassWallet as a preferred Iraqi payment method.

ZainCash, leveraging mobile technology, facilitates financial services through mobile phones, enabling users to send and receive money digitally.

AsiaPay and FastPay, contributing to the electronic wallet system, enhance the convenience of payment methods in Iraq, bridging the gap between traditional cash transactions and emerging online financial practices.

In addition to these Iraqi payment methods, seventeen point-of-sale (POS) systems facilitated by licensed payment service companies currently operate in Iraq, deploying over 13,000 POS machines.

These machines represent a tangible step toward modernizing payment infrastructure, providing a secure and efficient means for businesses and consumers to engage in digital transactions.

However, online payment methods in Iraq encounter several hurdles that have, to some extent, impeded their widespread adoption and transition into the digital financial landscape.

One major obstacle hindering the embrace of these payment methods is the prohibitive cost associated with initial setup fees. Setting up a payment gateway can be challenging for startups and small businesses due to financial considerations.

Recognizing this, PayCEC takes a pioneering approach by waiving the initial setup fees, removing a significant financial barrier for businesses looking to venture into payment methods in Iraq.

PayCEC aggressively promotes online payments by reducing financial burdens, particularly among startups and small enterprises.

It encourages online payment methods in Iraq and stimulates economic growth by supporting the establishment of new enterprises and industries in Iraq.

Another challenge stems from the lack of robust support from payment gateway providers, which has been a roadblock for businesses attempting to integrate digital payments.

Slow response times, complex application processes, and insufficient communication have led to frustration and delays, hindering the smooth adoption of online payment methods in Iraq.

PayCEC, on the other hand, prioritizes customer assistance to revolutionize the user experience. The platform guarantees sufficient staff to rapidly react to queries, fix difficulties, and help businesses through onboarding.

PayCEC hopes to speed up the adoption of online payment methods in Iraq by focusing on customer service and communication.

The availability of comprehensive resources and dedicated support not only answers specific company difficulties but also adds to the general growth of Iraqi payment methods.