The fintech network company ushers in Iraq's first digital-only payment card, enabling financial inclusion for Iraqi users.
Iraq just launched its first ever digital-only payment card: Neo. According to MENA Bytes, Iraq-based payment company INC and Lebanese fintech startup NymCard, in collaboration with Visa, have ushered in the new payment solution as a way to advance Iraq’s financial inclusion and the glaringly underbanked population.
The ‘Neo’ card will be both valid for local and international online purchases. Users can apply for the virtual card online through a seamless process on Neo’s mobile app. INC is looking to deploy thousands of agents across the country, to enable users to easily topup their Neo wallet.
“Iraq is a ripe market for innovative financial services, with a highly educated population,” said Zaid Fawzi, CEO of INC Iraq. “Most people are on a 3G connected smartphone but lack access to a bank account and an internationally accepted payment method. Iraqis still travel with bags full of cash and rely on few available gift cards to purchase online – we are determined to change all of that.”
NymCard, already established as an emergent startup within the digital payments domain, have leveraged their fintech prowess to help Iraq significantly leap from having a majority underbanked population to joining the wider tech-enabled digital economy.
“Fintechs continue to be key enablers around the world in helping to expand access to electronic payments and opening new acceptance,” said Mario Makary, Visa’s Country Manager for Iraq and Lebanon. “Visa is a natural partner because we can bring global scale, a recognizable brand, security, reliability and sophisticated capabilities. This partnership is a testament to how we are working with our partners to launch innovative and secure payment products and help address market needs while offering more enriching and rewarding experiences to customers.”
Sign up for the daily Startup Digest.