UPDATE ON Iraq's POS system. Gov Still Pushing the System. Question is? What are the People Doing?

It seems we were incorrect in thinking that Iraq's e-Payment Program, POS, had gone by the wayside.  Or maybe the government wants one thing, and the people want another.  The people almost destroyed the new car industry in Iraq because sales were only made using the Iraqi Dinar, and the people wanted to purchase new autos using only US dollars.  

This is the news that we obtained from the Central Bank of Iraq on the POS system on January 21, 2024. 

Electronic payment POS, also known as point-of-sale systems, are an essential tool for efficient inventory billing and data management. These systems typically feature a variety of programs and shortcuts to facilitate quick operations. In today's commercial landscape, electronic payment POS is crucial for making purchases with various electronic cards across all types of businesses, including government departments, malls, shops, restaurants, pharmacies, and even gas stations. Some benefits of these systems include: [list out advantages].

Using POS devices allows customers to make transactions quickly and easily, reducing queue waiting and speeding up the payment process.

The POS device enables customers to pay without handling cash, providing them with additional convenience and making the shopping experience smoother and easier.

A POS can provide other services, such as printing receipts and automatically generating sales reports, saving time and effort.

In POS devices, financial information and transactions are encrypted to ensure data confidentiality, protecting customers from fraud and unauthorized use.

Financial operations management: Through SMS messages provided by banks and payment companies, you can see the financial transactions that have taken place, for example (the amount paid, the place of payment, and the remaining balance on the card). Customers receive accurate and detailed invoices thanks to the POS device, which reduces errors.

♦ Send an e-card:

A. Credit cards are issued by banks to customers inside and outside Iraq to allow them to conduct their financial operations (cash withdrawal, making purchases at shops, paying bills, shopping online) and pay for their value later within a certain period of time. In the event the issuing bank does not pay the customer on time, the customer pays interest.

The debit card is linked to the customer's bank account and can be used both inside and outside the country. This allows him to conduct his financial transactions (drawing cash from ATMs, paying for purchases at shops through points of sale, shopping online), and the amount is deducted from the account in real time.

Prepaid cards, issued by banks and payment service providers to customers, have an initial balance of zero and require a deposit to be made into the card account. Each transaction made with the card is deducted from the available balance. These cards come in various types, including one-time-use cards for online shopping and reloadable cards that can be used at ATMs, POS systems, and for electronic shopping worldwide.

♦ Electronic wallets:

It is a means of electronic payment via mobile phone that is registered with a service provider licensed by the Central Bank based on the principles of Know Your Customer and the customer's personal phone number to allow the customer to carry out the movements of financial operations, and its most important features are: -

Directly transfer funds between wallets

Purchase payments

Withdrawal of cash

Mobile phone balances can be recharged.

From games and applications, you can purchase entertainment services cards

♦ Services for mobile banking include:

Legally permitted banking services, including the electronic money transfer service between banks via mobile phone, include requesting a statement of the customer's banking operations, making transfers between customer accounts, viewing information about services, loans, products, prices, and banking offers, locating ATMs and branches, and communicating with customer service efficiently and effectively.