Iraqi citizens are now using Qi Card‘s Aqsati program to finance purchases with more than 6,000 merchants, allowing hundreds of thousands of consumers to make purchases at the immediate time of need.
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Similar to the installment plans that are popular in many Western countries, Aqsati allows consumers to acquire products immediately and pay for them in installments. The program has been widely embraced by consumers and merchants alike. Since its inception, it has been leveraged by more than 310,000 Iraqi citizens to acquire the goods they need without having to spend months accumulating savings.
The Aqsati program is just one of the ways Qi Card is driving financial inclusion and helping local communities thrive. The first fintech provider to move the Iraqi economy away from cash, Qi Card transforms daily financial life for millions of Iraqi citizens by eliminating the need to perform cash transactions or visit local banks to make deposits or withdraw funds.
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Qi Card is the leading electronic payment services solution in Iraq, which employs biometric identity as the cardholder verification method. Qi Card is operated and managed by International Smart Card “ISC,” the most successful partnership in the history of Iraq. With its State Bank partners, Al-Rafidain and Al-Rashed, it has completed domiciliation of more than 8M citizens with its multi-biometric payment scheme. In just over two years, ISC has been able to disburse 4B USD in loans to over 800,000 Iraqi citizens. To date, ISC has an ecosystem of 17,000 POS and more than 6,000 merchants using the Qi scheme to provide easy merchant funded installment and other commercial activities. ISC issues and acquires payment cards on behalf of fourteen affiliated banks in Iraq. Through its principal membership in Mastercard, ISC has now issued more than 2.4M Mastercard and is now the largest Mastercard provider in Iraq.
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