The Iraqi Digital Path Diagnoses The Errors Of The Electronic Payment System And Confirms: We Must Start At The Top Of The Pyramid
Posted On2024-08-16 By Sotaliraq The head of the Iraqi Digital Path Council, Dr. Safad Al-Shammari, identified several errors in the electronic payment system, which the government is calling for to address from time to time, while he stressed that to address these problems, it is necessary to start with the state ministries.
Al-Shammari said, “The electronic payment system in Iraq requires a set of basic requirements, including, foremost, the technical infrastructure, with the availability of fast and reliable internet networks, the development of modern and secure electronic payment platforms, and improving the means of connection between financial institutions, banks and electronic payment companies, not to mention security and protection, by ensuring digital security through data encryption and protection of sensitive information.”
Al-Shammari pointed out that “the success of electronic payment requires the development of anti-electronic fraud measures, such as multi-factor verification, and the availability of strong legislation to protect users from cybercrimes, which should be accompanied by awareness and digital culture, by spreading awareness among users about the benefits and mechanisms of using electronic payment.”
He added, “In return for a basic need, which is integration with banks and financial institutions, by enhancing cooperation between electronic payment companies and banks to provide integrated services, and enabling instant money transfers between different accounts, which are regulated by the legal and regulatory framework, by establishing clear laws and legislation to regulate electronic payment services, with real government oversight to ensure that all parties adhere to the required standards.”
Al-Shammari stipulates that “for this system to succeed, this government must support public policies by providing incentives and encouragements to companies and citizens to use electronic payment, in an effort to build users’ confidence in the system through reliable and transparent experiences, in addition to ensuring the stability and reliability of the system at all times.”
He stressed that “the electronic payment process was launched as a popular digital financial culture for all citizens, before it started at the top of the pyramid, represented by the state ministries themselves, which was a concern for all citizens when it started working on it, while it faced a challenge represented by the resistance of some of the parties assigned to implement this process in various ways and pretexts, which did not support the opportunities for generalization as a prevailing culture in Iraqi society, in addition to a number of technical factors, most notably the weakness of the technical infrastructure, lack of internet coverage or slow speed.
” Pointing out that “this makes access to electronic payment services difficult or unreliable, and the lack of advanced devices and systems in some rural or remote areas, not to mention security and privacy concerns, with increased concerns about electronic fraud and cyber attacks, and lack of confidence in the system’s ability to protect personal and financial data, which was reflected in individuals’ hesitation to switch from cash to digital payment methods due to old habits or lack of understanding of technology.
” Noting that “this matter has increased the chances of some sectors or even the people working in them resisting change, for fear of losing control or being exposed to new risks.”
Al-Shammari concludes, “Despite the great benefits that the electronic payment system can provide, there are some potential negative effects that must be taken into account, including what is known as the digital divide.
The spread of electronic payment may widen the gap between different groups in society, especially between those who have good access to technology and those who lack it, such as the elderly or residents of rural areas. In addition to the security threats resulting from the increasing reliance on digital systems, there may be an increase in electronic fraud and cyber attacks.
” He indicated that “this exposes users’ data and financial accounts to risk, and the loss of privacy, as it requires collecting more data about individuals and their transactions, which raises concerns about privacy and how this data is used, in addition to what is known as financial exclusion, when some individuals or small companies find it difficult to join the electronic payment system due to costs or technical requirements, which may lead to their exclusion from the digital market.
These are requirements and factors that must be carefully considered to reach the stage of sound digital dealings.”
It is noteworthy that the Iraqi government decided last year to oblige all its institutions - in addition to private schools and universities, gas stations, stores, restaurants, pharmacies, medical clinics, and others - to use electronic payment tools, and gave them a deadline to completely switch to this approach until the beginning of next June. LINK
WFP: Iraq Moving On A Positive Path Due To Security Stability
The World Food Programme (WFP) praised the situation in Iraq, noting that it is moving on a "positive path" as a result of security improvements and stability, while explaining that its role in Iraq is shifting from emergency response to building resilience and long-term sustainable development.
The Relief Web website reported a WFP brief on Iraq, stating that "recent improvements in the security environment and political stability have created opportunities for Iraq to move on a positive path. However, the harmful effects of climate change are affecting agricultural productivity, with increased salinity, desertification, reduced water flow in the Tigris and Euphrates rivers, and reduced rainfall, which has led to the loss of 12 million hectares of arable land, significantly impacting agricultural production."
The brief noted that "the repercussions of the climate change crisis have disproportionately affected the most vulnerable communities, and in a strategic move, WFP in Iraq is shifting its role from emergency response to building resilience and long-term sustainable development," indicating that "this shift is particularly important given Iraq's vulnerability to climate change, which is particularly evident in the southern region of the country."
He added, "The World Food Programme is working to align the targeting of beneficiaries through the National Bridges Programme for Skills Development and Youth Economic Empowerment, climate-friendly agricultural practices activities, and strengthening the safety net of the national social protection system to ensure alignment with strategic objectives and expand outreach to areas that previously suffered from a lack of services." https://www.radionawa.com/all-detail.aspx?jimare=39189
Oil Falls As Middle East Calm Attempts Continue
Local | 08/16/2024 Mawazine News – Baghdad Oil prices fell in early trading on Friday, but benchmark Brent crude was still hovering above $80 a barrel, which it had managed to regain yesterday. Today's decline in oil comes despite positive US economic data that calmed investors' fears about a possible recession in the United States, the world's largest oil consumer.
With the economic data calm, oil markets are likely to return to full focus on geopolitical tensions, with expectations of Iranian attacks against the Israeli occupation, while a new round of negotiations began yesterday to reach a ceasefire in the Gaza war.
The talks, which Hamas did not attend, were extended and are scheduled to resume in the Qatari capital, Doha, today. Investors were renewed optimistic about US economic growth after a series of data released this week, the latest of which were retail sales and unemployment claims, which helped calm fears of a sharp slowdown in the US economy.
Brent crude futures for December delivery fell $0.3, or 0.35%, to $80.83 a barrel by 03:40 a.m. GMT. US West Texas Intermediate (WTI) crude futures for September delivery fell $0.3, or 0.4%, to close at $77.7 a barrel. By the end of trading on Thursday, Brent crude futures rose 1.6% to $81.04 a barrel, while WTI crude futures rose 1.53% to $78.16 a barrel.
The data reinforced market expectations that the US Federal Reserve will begin cutting interest rates at its September meeting, which could boost economic activity and oil consumption.
Continued concerns about slowing global demand continue to limit gains, after China reported a slowdown in factory production growth in July and a fourth month of declines in refinery output, confirming the country's weak economic recovery.
Alongside Middle East tensions, markets are monitoring the conflict between Russia and Ukraine after Moscow announced Yesterday it said it would bolster its border defences and send in additional troops days after Ukraine launched its biggest attack on Russian territory since the war began. https://www.mawazin.net/Details.aspx?jimare=253371
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