Iraq-based Global Network for Cards and Analogue Payment Work (INC Iraq) and a Lebanese fintech commencement NymCard that is modifying how payments cards are circulated, delivered, and used, in cooperation with Visa have established the first digital-only (prepaid) payment card ‘Neo‘ in Iraq to serve the under-banked Iraqi people, the two companies declared in a joint-statement to MENAbytes.
The practical card that can be requested through Neo’s mobile app within seconds will enable users to make online acquisition on both national and global websites. The entire KYC process is digital. Neo’s mobile application (available for both iOS and Android) comes with a mobile wallet that allows users to keep an eye on their expenses.
The users can charge their topup their Neo wallet through INC Iraq’s communication system of offline agents and then add the money from wallet to their card. INC plans to have 2,500 agents in its network within 12 months.
Neo also plans to set up a elastic (physical) travel card within the next few weeks.
INC Iraq CEO Zaid Fawzi, commenting on the launch, said, “Iraq is a mature market for advanced business enterprise services, with a highly knowledgeable people. Most people are on a 3G connected smart phone but miss access to a bank account and an globally approved payment performing. Iraqis still travel with bags full of cash and rely on few accessible gift cards to buy online – we are determined to change all of that.” that
“Neo is endowment by NymCard – A fintech based in Lebanon. Investing NymCard’s platform, we are able to establish virtual Visa cards directly to our users’ mobile phones within seconds, and couple them with a plastic familiar travel cards if they wish so. All of this without the need to visit a bank branch. Programs like this help the underbanked population get a foothold in the financial system and become part of the wider digital economy,”
NymCard’s co-founder Omar Onsi, who has previously founded and led some other startups as well, said, “The MENA region underbanked population is one of the highest globally. By enabling incumbents and financial start-ups to issue and process digital payments, we envisage the MENA underbanked leapfrogging legacy payments technology.”
“With the under- and unbanked MENA population at such a high level, there’s a significant opportunity for innovative fintech companies, financial institutions, and Banks to leverage the power of the internet and mobile phones to help eradicate this problem,” he added.
Visa’s Country Manager for Iraq and Lebanon, said: “We are proud to cooperate with NymCard in Lebanon and the International Network for Cards and Digital Payments Services in Iraq to launch Neo card that will help us offer a secure and convenient payment option to the underbanked population in Iraq. Fintechs continue to be key alter around the world in helping to expand access to electronic payments and opening new adoption.”
“Visa is a natural partner because we can bring global scale, a recognizable brand, security, reliability and sophisticated capabilities. This partnership is a testament to a how we are working with our partners to launch innovative and secure payment products and help address market needs while offering more enriching and rewarding experiences to customers,” he added.
“Fintechs are reassigning payments and are generating overwhelming new customer experiences. They are doing everything they can at Visa to partner with fintechs to help them launch and scale.”
“prior this year, Visa launched our FinTech Accelerated Path program that offers rapid and easy access to the cognition of Visa’s network as well as licensing and commercialized support. The global program is open to FinTechs in the Middle East as well as in Europe, Africa, Latin America, Asia Pacific and the United States with the intention of helping to create and intensify the digital payment solutions of the future..