Iraq Wallet expands its ZainCash solutions

18/08/2016 05:07 AST

Iraqi mobile commerce firm Iraq Wallet expanded its ZainCash service by introducing an online payment solution, dubbed Pay with ZainCash, to expand the reach of mobile pay solutions.

This service is available to subscribers of the local subsidiary of Kuwait-based telecommunications group Zain. The new online payment tool allows sellers to accept online payments through their websites and mobile applications, while also enabling customers to purchase products and services online.

With the launch of this latest service, Iraqis will be able to purchase a broad range of products and services including airplane tickets, movie tickets, consumer goods, and other products that are sold online across Iraq.

“E-commerce in the Middle East and Africa (MENA) region is expected to grow to $200 billion by 2020, and with Iraq having a large and young consumer base, counting a population of 35 million, ZainCash is set to drive the mass adoption of online payment solutions in the country,” Iraq Wallet’s Managing Director Yazen Al-Timimi said.

“With a solid base of over 11 million customers, many of whom have never had access to online payment services, benefitting from Zain’s 3G mobile network, we believe ZainCash will be instrumental in boosting economic and social development across Iraq.”

Iraq Wallet introduced ZainCash payment service in Iraq at the beginning of 2016. This service allows users to deposit e-money onto their mobile numbers, transfer money across Iraq, purchase digital goods and products online, among other services.

In Iraq, Zain ended the second quarter with 11.2 million subscribers. The telco ended June with a market share of 38% Zain Saudi Arabia secures $600 million loan to repay previous borrowings.

Zain Saudi Arabia announced earlier that it has inked with the Industrial and Commercial Bank of China a long-term commercial borrowing facility worth SR2.25 billion ($600 million) with a two-year tenor that is extendable by one additional year.

The proceeds will be used to repay a commercial loan signed in June 2016. The new borrowing facility has improved terms and will reduce financing cost by approximately SR175 million over the three-year period, Zain Saudi Arabia said.

In Saudi Arabia, Zain counted 10.7 million mobile subscribers at the end of the second quarter, with a market share of 22% Zain Saudi Arabia operates 2G, 3G and 4G networks and currently has 7,776 mobile sites across the Kingdom.

Saudi Gazette