At a rate of 13 billion per day… Oil: The volume of electronic sales has increased, and a date has been set for the complete cancellation of cash trading

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At a rate of 13 billion per day… Oil: The volume of electronic sales has increased, and a date has been set for the complete cancellation of cash trading

Along with announcing the date of the full withdrawal of cash circulation, the Petroleum Products Distribution Company of the Ministry of Oil said today, Thursday, that the amount of products sold through the electronic payment system has climbed to 13 billion daily.

Providing generators and agents with gasoline, kerosene, gas, and mobile phones, or selling petroleum products through electronic payment, has increased to 13 billion dinars per day from 10 to 11 billion dinars per day previously, according to a statement made by the company’s general manager to the official agency, which was then picked up by NRT Arabia. Talib also noted that “the demand for electronic payment is increasing dramatically daily.”

“Our company is required by these companies to designate employees who are authorized to collect money from citizens through electronic payment gateways,” he continued.

He emphasized that “the company has a plan to end cash trading at the end of next March, that is, in the quarter,” and that “prime minister Muhammad Shiaa Al-Sudani’s directives set next June of 2024 as the date for ending cash trading and adopting the electronic payment card.” the first of 2024.

He clarified that using electronic payment methods and eliminating cash transactions will benefit the public, guarantee that gasoline is supplied to them at the official price, and protect public funds from misappropriation and fraud.

According to him, Iraq came late to the electronic payment problem, while other nations had been using technology and electronic payment for a longer period of time. The Prime Minister is thus committed to implementing an electronic payment system in 2024 and ceasing the use of cash.

Starting in April 2023, the Petroleum Products Distribution Company launched an electronic payment service at gas stations. The trial was then progressively expanded to include gasoline filling stations in Baghdad and the governorates.