Electronic payments in Iraq exceeded 2 trillion dinars during the past month

Economic researcher, Munar Al-Obaidi, confirmed that electronic payments in Iraq increased during the month of July, exceeding the barrier of 2 trillion Iraqi dinars.

Al-Obaidi stated in a statement that “electronic payments increased during the month of July 2024 to exceed the barrier of 2 trillion Iraqi dinars, based on the increase in government electronic payments, which amounted to 912 billion Iraqi dinars during the past month of July, an increase of 17% compared to June 2024, in addition to the increase in electronic payments for points of sale, ATM withdrawals and cash withdrawals by 26% to reach 1 trillion dinars.”

Al-Obaidi added, “Electronic payments for bill payment services such as electricity, passports and other services increased by 40% to reach 31 billion Iraqi dinars, while electronic payments for fuel stations increased by 4% to reach 44 billion Iraqi dinars.”

He pointed out that “the total electronic payments during the year 2024 amounted to 10.4 trillion Iraqi dinars and is expected to reach more than 20 trillion Iraqi dinars.”

Al-Obaidi explained that “these statistics include electronic payments that pass through the national switchboard and do not include electronic payments that occur at points of sale outside Iraq.”

He explained that “the significant growth that occurred over the course of a year in government electronic payments is clear, as is the increase in electronic payments for bill payment services, but electronic payment operations through fuel stations are still below the required level compared to the volume of fuel derivatives that are sold.”

He pointed out that “government electronic payments constituted 45% of total payments, while electronic payments for points of sale, ATM withdrawals and cash withdrawals constituted 51%, while electronic payments for service bills amounted to 1.57%, and electronic payments for fuel stations amounted to 2.19%.”

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