Local Payment Gateways in Iraq

In recent years, mobile payment solutions have become increasingly popular as people seek more convenient ways to manage their finances. Payment gateways are still relatively new in Iraq, and the options available are relatively limited compared to other countries. In this blog post, we will explore five of the top mobile payment solutions available in Iraq, including First Iraqi Bank, Asiahawala, FastPay, ZainCash, and NassWallet. Each of these solutions offers unique features and benefits, as well as drawbacks so let's take a closer look at what they have to offer.

 
 
 
 
 
 
 
 

First Iraqi Bank

Description: A newly established mobile banking solution fully licensed from the Central Bank of Iraq where users can create accounts from their phones in less than 5 minutes. They also offer local and international payment gateways.

Fees:

• MasterCard/VisaCard transaction fee + FIB fee(1-5%) per transaction (negotiated during the commercial contract process)

Steps for users to create an account:

1. Install FIB mobile app
2. Enter a phone number
3. Scan the passport
4. Verify identity with Face ID

Duration: Less than 5 minutes

Steps for corporate merchants to create an account:

1. Install FIB mobile app
2. Enter a phone number
3. Scan the passport
4. Verify identity with Face ID
5. Upload company documents of your company (The company has to be registered in Iraq)
6. Commercial Contract (In-person meeting)

Duration: A week or more

Withdraw or Deposit Cash:

• Nearby Vendors Around
• Main Branches in (Baghdad, Erbil, Duhok, and Sulaymaniyah)
• Cash Delivery

API Integration: Well Documented on https://fib.iq/en/developers

Limitations: The service is very new, currently they only have up to 7000 active users. However, they are expected to grow rapidly.

AsiaHawala (Rebranded as AsiaPay)

Description: It is a Mobile Money solution to transfer money, make payments, and do other transactions using a mobile phone. They provide a local payment gateway.

Fees: 1-7% per transaction according to the nature of your work and your contract negotiation with them.

Steps for users to create an account:

1. Dial *212#
2. Press the language you want
3. Enter (1) to register
4. You will receive a notification with a temporary PIN code
5. Dial *212# again to set your PIN code
6. You will be notified of the success of the process
7. Visit AsiaHawala agents or shops and provide documents to verify accounts and open a standard account.

Duration: 1 day or more

Steps for corporate merchants to create an account:

1. Open an Iraqi bank account
2. Visit Asiahawala's main branch
3. Provide your company documents (must be registered in Iraq) and a description of your service.
4. Approval from AsiaHawala.
5. Verify identity with Face ID
6. Upload company documents of your company (The company has to be registered in Iraq)
7. Commercial Contract (In-person meeting)

Duration: A month or more

Withdraw or Deposit Cash:

• Visit the main branch to request a bank transfer

API Integration: Documented Soap API on Here

Limitations:

• Only Asiacell carrier subscribers can open a wallet.
• The API is outdated

Note: They are supposed to upgrade their entire infrastructure They will support all the carriers in Iraq and update their API to Restful.

FastPay

Description: It is a local mobile wallet where customers will have their smart money for Shopping, Mobile recharge, Internet recharge, Money transfers, Bill payments, and more. They provide a local payment gateway.

Fees: 3% per transaction.

Steps for users to create an account:

1. Download Mobile App
2. Verify the Phone Number
3. Enter your name, and upload official identification document.

Duration: less than 5 minutes

Steps for corporate merchants to create an account:

1. Open an Iraqi bank account
2. Contact FastPay
3. Fill out their merchant registration form and provide legal documents. (Company has to be registered in Iraq.
4. Sign a contract

Duration: A month or more

Withdraw or Deposit Cash:

• Deposit with FastPay Scratch Cards
• Withdraw at FastPay Agent

API Integration: Documented API Integration on https://secure.fast-pay.cash/docs

Cons:

• Slow response from support teams.
• The API's documentation and performance are not ideal

ZainCash

Description: It is a Mobile Wallet solution to transfer money, make payments, and do other transactions using a mobile phone. They provide a local payment gateway.

Fees: 1% + 0.15%

Steps for users to create an account:

1. Download the App
2. Verify the phone number
3. Visit a ZainCash Agent and provide an official ID

Duration: 1 day or more

Steps for corporate merchants to create an account:

1. Fill out the form online
2. Provide company documents (registered in Iraq) once they contact you
3. Once documents are approved, sign the contract

Duration: A month or more

Withdraw or Deposit Cash:

• Transfer to MasterCard/ VisaCard
• Money Transfer from ZainCash Wallet to Corporate bank account in Iraq: 0.15%
• Cash in ZainCash Wallet via ZainCash Authorized agents: 0.5%

API Integration: No clear and public documentation unless you sign a contract with them.

Cons:

• No clear public documentation on API integration.
• Slow Response and Support

NassWallet

Description: It is a Mobile Wallet solution to transfer money, make payments, and do other transactions using a mobile phone. They provide a local payment gateway.

Fees: 1% - 7% per transaction based on your negotiation with them while signing the contract.

Steps for users to create an account:

1. Download the App
2. Verify the phone number
3. Visit a NassWallet Agent and provide an official ID

Duration: 1 day or more

Steps for corporate merchants to create an account:

1. Find a way to contact them
2. Provide company documents (registered in Iraq) once they contact you
3. Once documents are approved, sign the contract.

Duration: Two months or more

Withdraw or Deposit Cash:

• Visit NassWallet agents

API Integration: No clear and public documentation unless you sign a contract with them.

Cons:

• Only Korek carrier subscribers can open a wallet.
• Extremely Slow Response and Support

Overall, payment gateways in Iraq are still in the early stages of development, and there are pros and cons to each of them. As the economy continues to grow and more businesses adopt online payment options, we can expect to see further development and improvements in the payment gateway industry in Iraq.