IrisGuard and NassWallet partner in Iraq to help UNHCR provide EyePay® service through mobile money transfer for refugees in need
NassWallet has been growing rapidly in recent years. In 2022, it processed over $1 billion in transactions across all its services in Iraq. This growth is being driven by the increasing popularity of mobile payments in Iraq and they are expanding their operations and new locations across major cities in Iraq. Members of the Iraqi Banking Association, which ensures that it meets the highest standards of financial regulation, NassWallet’s operations utilise the most secure and innovative technologies.
How digital wallets benefit merchants and acquirers in emerging markets
In the first blog in this series, we looked at how digital wallets are transforming consumer finance and banking relationships in emerging markets. This blog considers how digital financial services help the banking system and businesses to grow.
How digital payments are transforming emerging markets
The use of cash around the world dropped by one-third last year according to the World Payments Report 2022. This huge reduction in cash use happened as growing numbers of consumers in emerging markets turned to digital wallets for their financial needs. While digital wallets bring many benefits to individual users, they also help to modernise emerging market economies and boost economic growth.
NassWallet Chooses Visa as an Issuing and Acquiring Partner to Drive Rapid Financial Inclusion
Over the past three years, NassWallet has been at the forefront of financial innovations. In an effort to enable consumers to have access to a range of digital financial services via their mobile phone, including person-to-person (P2P) payments, make and receive government and utilities payments, pay in-store with a QR Code and soon issuing virtual and physical Visa prepaid cards linked to the wallet.
Importance and Growth of Mobile Money Post-COVID-19
After the COVID-19 hit in early 2020, it was evident that mobile money, would play a critical role in keeping people connected, giving critical financial assistance, and enabling safe, contactless channel to pay for merchants and other necessities. The 5.2 billion mobile users worldwide have helped mobile money providers to grow faster than other traditional banking services.
IRAQ’s Payment Landscape
The payment Industry in IRAQ has seen an increasing growth in the past few years, from the number of people opening bank account, eWallets to having many more banks opening branches, installing ATMs, shops having POS terminal to accept card payments or QR payments. Also, the number of financial service companies are on the rise.