Financial and banking researcher Ahmed Al-Hathal confirmed that Key Card has shifted its commission system to a fully electronic deduction, a move he considers positive from a modernization standpoint. However, the new update has also significantly increased withdrawal fees, sparking concern among users and merchants.
Al-Hathal explained that the previous commission rate of 0.006 was applied once per withdrawal, meaning the fee remained 3,000 dinars, regardless of the amount withdrawn.
Under the new system, Key Card now deducts:
• 3,000 dinars for every 1 million dinars withdrawn
This change means:
- Withdrawing 5 million dinars now costs 30,000 dinars,
instead of the previous 18,000 dinars under the old system.
According to Al-Hathal, these higher costs could slow down electronic payment activity, especially for merchants who rely on frequent withdrawals. He warned that the increased fees might push some traders to switch to alternative electronic payment companies that offer better services at lower costs, given the rising competition in Iraq’s digital payments sector.
