Iraq mobile commerce company Iraq Wallet has announced the launch of ‘Pay with ZainCash’, a new online payment solution that has been incorporated into its award-winning ZainCash service. The game-changing e-payment system allows sellers to accept online payments through their websites and mobile applications in a simple, fast, and secure manner, while enabling customers to purchase products and services online.

Available to Zain mobile customers, ‘Pay with ZainCash’ is the first service of its kind in Iraq. It is expected to boost e-commerce throughout the country, stimulate the economy, and help create a dynamic environment that encourages and facilitates entrepreneurial activity.

Cash is the main 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 new service, Iraqis will be able to purchase a wide range of products and services online – such as airline tickets, movie tickets and consumer goods – which could previously only be bought through face-to-face transactions.

“E-Commerce in the MENA region is expected to grow to US$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,” said Yazen Al-Timimi, MD of Iraq Wallet, when commenting on the launch of the new service.

“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,” he added. 

Iraq Wallet introduced ZainCash in Iraq at the beginning of 2016, and with the launch of ‘Pay with ZainCash’, users will now be able 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.

All current and future ZainCash services will also be subject to the systems and safety protocols instituted and overseen by the Central Bank of Iraq, which has established operational regulatory and administrative frameworks for these services in line with international standards.