Digital financial transactions

Monday May 13

Saad al-Tai
 

Modern information technology has produced major developments in all aspects of contemporary life, including economic processes of various kinds due to the expansion of digital technology, the economic processes that have employed digitalization, and the daily financial transactions that take place every day in very large numbers.




One of the features of this technology is that it accelerated the operations of these transactions at a record time, as well as the accuracy of these transactions and the low financial costs of the customer to conduct, and high safety factors compared to conventional financial transactions, and the adoption of the digital payments system is expected to contribute to the increase in gross domestic product Of the State in which it operates.




All of these features have made digital financial transactions prevalent in many countries of the world, but the banking sector in our country is still in the adoption of this technology, which has proven to be very successful.




Digital financial transactions are part of the digital economy that the modern world has begun to move into. Digital technology has entered into all physical and intangible economic processes, and this technology has printed modern life and the economy in its entirety.




Digital financial transactions are carried out by payment cards such as credit cards and mobile payments, which are becoming increasingly popular among users and are making an increasing proportion of these transactions daily. Which changed the nature and form of traditional financial transactions that lasted thousands of years and adopted paper and metal criticism and a means to trade goods, products and services, while in digital financial transactions do not require criticism in its tangible physical form mainly for barter. Traditional financial transactions in many countries of the world are on the way.




The digital financial transaction system will bring many benefits to the Iraqi economy and will enable it to keep abreast of modern global economies, which have become fully digital economies. However, the transition to digital financial transactions requires the creation of an appropriate environment for this system The desired results will be achieved by establishing an infrastructure that meets the requirements of the digital financial transactions system. It requires the provision of high-speed technical connection in order for the financial payments to be carried out as quickly as possible in order to avoid problems of slow or slow Slow Internet connection.




The application of digital financial transactions in Iraq is an important necessity because the application of this system will bring many benefits to the Iraqi economy and work to improve and develop it and make it compatible with the modern digital world economies.




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