The Central Bank of Iraq announces the launch of reciprocal money transfer

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services via e-wallets, enabling individuals and business owners to conduct their financial transactions with greater speed and flexibility. This means using your digital wallet to pay a business directly.

U.S. Examples: Apple Pay / Google Pay: You tap your phone at Starbucks and it takes money from your wallet to Starbucks’ merchant account.

PayPal Checkout: Buying something online and selecting PayPal as the payment option.

Cash App Pay: Paying a store directly using a QR code.

In Iraq’s case: It allows you to use your e-wallet to pay a shop or business, even if the shop uses a different provider than you.

These services include: Exchange money transfers between validated, permanent wallets of various service providers. Reciprocal money transfers from permanent verified wallets to merchant wallets of various providers during purchases.

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The launch of this step represents a qualitative shift in the path to enhancing financial inclusion, supporting digital transformation efforts, facilitating the movement of funds, supporting the business sector, and expanding the use of financial technologies in Iraq.