Digital Wallets Are Spreading, but Trust Is Eroding: Why Are Iraqis Turning Away from Electronic Payments?
Hundreds of thousands of applications have been downloaded, millions of transactions have been completed, FinTech companies have been established, and significant investments have entered the Iraqi market. Yet a striking paradox has emerged: new complaints surface every day involving suspicious transactions, missing funds, and orders that were never fulfilled.
The problem is that many FinTech companies have prioritized rapid expansion at the expense of service quality. Customer support remains weak, technical problems are recurring, and Iraqi consumers who have had a negative experience with digital payments are unlikely to return easily.
Recent statistics from the Central Bank of Iraq indicate that digital wallet usage has remained at around 12% of the financially active population, while neighboring Gulf countries have exceeded 45%. This gap does not necessarily reflect a lack of technology; rather, it points to a deeper shortage of trust and security.