Iraq Wallet’s ‘Pay with ZainCash’ has been anticipated to have a major impact on expanding e-commerce nationwide supporting the creation of an enabling environment for entrepreneurs to operate, while stimulating Iraq’s digital economy and kick-starting the adoption of e-commerce.
‘Pay with ZainCash’ allows accepting online payments through website or mobile apps. Cash is the dominant payment method in present-day Iraq due to the lack of electronic payment alternatives.
Cash payments impose high operational costs on the economy and merchants due to collection, processing, and safeguarding. This has resulted in the development of a challenging business environment, particularly for entrepreneurs and online businesses.
With the launch of this latest service, Iraqis will be able to purchase a broad range of products and services, which could previously only be acquired through face-to-face transactions. These include purchasing airplane tickets, movie tickets, consumer goods, and other products that are sold online across Iraq.
Commenting on the introduction of the new service, Yazen Al-Timimi, MD of Iraq Wallet said, "E-Commerce in the MENA region is expected to grow to $200 billion by 2020, and with Iraq having a large and young consumer base, counting a population of 35 million, ZainCash is set to drive the mass adoption of online payment solutions in the country.”
Al-Timimi also mentioned, “With a solid base of over 11 million customers, many of whom have never had access to online payment services, benefitting from Zain’s 3G mobile network, we believe ZainCash will be instrumental in boosting economic and social development across Iraq.”
Iraq Wallet introduced ZainCash in Iraq at the beginning of 2016 and with this online payment solution’s expansion, the service now allows users to deposit e-money onto their mobile numbers, transfer money across Iraq, Cash-in/Cash-out at thousands of locations, purchase digital goods and products online, and more.