Fintech Middle East & Africa Paytech

Increase in Qi Card POS Installations as Company Strives for Financial Inclusion in Iraq

Qi Card is a fintech provider focused on shifting the Iraqi economy away from cash as an increasing number of businesses and consumers now use electronic payment methods due to enhanced security and ease of use. Qi Card’s solutions offer consumers flexibility and stability to perform online, in-person and person-to-person transactions. Qi Card features the latest advanced fintech, biometric identification and electronic payment system technology.

The company has announced it has hit a series of milestones over the last few weeks. The first is a large uptake in demand for additional points of sale (POS) kiosk systems throughout the region. The combination of new POS locations and the increase in usage of Qi Card’s digital money transferring services are two indicators of Qi Cards rapid growth in the region.

The increase in available POS kiosks comes at a crucial time, as citizens around the world practice social distancing measures. Today, Iraqi customers now have nearly twice as many kiosks to visit, enabling easier access and the ability to avoid crowding.

The POS installations are linked to higher usage of Qi Card, which is a leading payment method for Iraqis as the country embarks on an economic digital transformation, moving away from cash and into a fintech-based model built for improving convenience and safety.

Secondly, it recently announced that it anticipates reaching the milestone of issuing more than three million Mastercard Qi Cards to Iraqi and other Middle Eastern country citizens by the end of 2021. Already the largest Mastercard provider in Iraq, this anticipated adoption will further strengthen Qi Card’s market-leading position.

This projection and the increase reported in Qi Card usage is a reflection of acceptance of a cashless economy in Iraq. The popularity of Master Qi Card among Iraq’s 39 million citizens is the latest example of progress toward financial inclusion in the country through technology and partnerships.

Finally, Qi Card has also announced its efforts towards financial inclusion with digital payments, salary-advance programs and personal loans that enable citizens to meet their current financial obligations while striving for a brighter future. To ensure Iraqi citizens have the same financial opportunities as people in other regions around the globe, Qi card has created programs that provide avenues towards financial inclusion, establishing three critical platforms:

  • Digital Financial Transactions – With Qi Card, citizens can receive salaries and pensions, pay bills, share money with friends and family, and shop from the comfort of their own homes. These digital capabilities allow some of Iraq’s most physically vulnerable citizens to fully participate in commerce and community without jeopardizing their health or safety.
  • Salifni Relief Loans – A temporary, emergency loan program, Salifni allows qualified, ministry employees to receive 200K IQD instead of waiting for their salary through traditional methods. With Qi Card and Salifni the economy keeps moving regardless of salary delays.
  • Personal Lending – Since 2018, Qi Card has disbursed more than USD$4B in loans to more than 800,000 Iraqi citizens. Top uses for these loans include: financing a small project (55.4%), paying for medication and healthcare needs (29.9%), repaying a loan from a friend or relative (8.2%), financing a home renovation (4.3%) and financing a vacation trip (2.2%).

Qi Card’s products and services are based on the principle of maximum protection, accessibility, ease of use and full transparency with the company having a decade of experience facilitating electronic payments and employs state-of-art biometric verification.

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  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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