For decades, Iraq has relied heavily on cash for most transactions. This dependence has brought challenges like inefficient payment processes and increased risks of fraud and corruption. However, the digital revolution is starting to change things, and Qi Card is leading this transformation.
Qi Card, established in 2007, has played an important role in transforming Iraq’s financial services. With over twelve million clients, including government employees, pensioners, and private sector workers, it has become a key player in the country’s fintech sector. The company offers a wide range of services, from salary distribution to e-commerce transactions, and actively promotes financial inclusion to help Iraq transition from its cash-based economy.
Advanced Security Measures
Qi Card contributes to Iraq’s financial sector by using multi-biometric identification and de-duplication techniques. These security measures greatly enhance fraud prevention and secure transaction integrity. The company sets a high standard for security in Iraq’s financial services with its biometric technology, which includes fingerprint and facial recognition.
Bahaa Abdul Hadi, the founder and CEO of Qi Card, stresses the importance of security in digital transactions. “Our multi-biometric identification system secures transactions and builds trust among our clients,” he says. This trust is vital in a country where financial fraud has been a significant issue.
Strategic Partnerships
Qi Card’s success is also due to its strategic alliances. The company has partnered with major financial institutions and technology providers to expand its services.
For example, Qi Card has extended Western Union services to all Rafidain Bank cardholders, making international money transfers more accessible. Additionally, the company has disbursed over $4 billion in loans to more than 800,000 citizens since 2018, showing its commitment to supporting Iraq’s economic growth.
Qi Card and Alipay recently partnered to launch the ‘superQi’ app. This app offers various financial services, including payment acceptance and e-commerce capabilities. The collaboration with Alipay showcases Qi Card’s ability to use global partnerships to improve its offerings.
Impact on Consumer Behavior
Adopting Qi Card’s services has significantly changed consumer behavior in Iraq. The convenience and security of digital transactions are encouraging people to move away from cash. Especially among the younger, tech-savvy generation, mobile wallets and online banking services are becoming more popular. Government initiatives promoting digital literacy and financial inclusion support this shift.
The statistics for 2024-2025 show that digital payment methods will likely continue increasing. The widespread use of the Internet and smartphones is driving this trend. Qi Card’s efforts to offer easy and secure digital financial services align with these overall market trends, which positions the company for long-term growth.
Technological advancements and supportive regulatory frameworks will drive major changes in Iraq’s fintech sector by 2030. Qi Card’s focus on enhancing cybersecurity, expanding digital services to underserved regions, and developing tailored financial solutions for SMEs will be crucial in this progress.
Bahaa Abdul Hadi envisions a future where digital financial services are accessible to all Iraqis, fostering economic growth and stability. “Our goal is to provide comprehensive, advanced financial services that meet the evolving needs of our clients,” he says.