Mohammad Javad Azari Jahromi
Mohammad Javad Azari Jahromi

Digital Banking Infrastructure in Place

Digital Banking Infrastructure in Place

The minister of communications and information technology has announced that Iran's infrastructures are ready for the implementation of digital banking.
“The Ministry of Communications and Information Technology is responsible for establishing the necessary infrastructure for the implementation of digital banking in the country such as data centers and national networks,” Mohammad Javad Azari Jahromi was also quoted as saying by ISNA.
However, as the minister underlined, only a part of the requisites can be provided by the Telecoms Ministry while the Central Bank of Iran is responsible for the other measures.
“Now we need to wait for CBI to announce the regulations for digital banking” and “banks without [physical] branches” to proceed with its implementation, he added.
This is while CBI has been closely monitoring the latest technological changes and incorporating the ideas of experts and banking officials to keep up with new developments and devise laws to match the new financial activities.  
New mobile payment infrastructures have been set up in Iran to facilitate the use of new payment systems such as tap-and-go cards.
The Central Bank of Iran announced in May that it was developing new mobile payment systems so people may use their smartphones or watches for making purchases.
Tap-and-go cards, also known as wave-to-pay, tap-to-pay or contactless cards, contain a computer chip and antenna instead of the magnetic stripe on the back of traditional cards. The technology sends data wirelessly to a nearby terminal, completing purchases with a process called near-field communication.
Iran also boasts the widespread use of digital payments, as online shopping is gathering in popularity in the country.

Short URL : https://goo.gl/WTscPo
  1. https://goo.gl/828stH
  • https://goo.gl/pXhSBa
  • https://goo.gl/gTf6Jb
  • https://goo.gl/kARpb7
  • https://goo.gl/qBq9yu

You can also read ...

German firms, especially those without business links to the US, want to continue their Iran business.
While Germany’s big banks are studiously avoiding Iran-related...
New Rules Allow  Direct Forex Sale
Businesspeople that have validated their purchase orders are...
Iran is the world’s biggest saffron producer and accounts for more than 90% of the global production.
Iran Mercantile Exchange launched saffron futures trading for...
Banking Amendments Approved
The Money and Credit Council approved the Central Bank of Iran...
Iran Khodro Expanding Presence in Iraqi Market
Iran’s largest carmaker, Iran Khodro, is set to export 6,000...
Uber Plans Taxi-Hailing  in Japan
Uber Technologies plans to launch its first taxi-hailing pilot...
Tesla Admits Model 3 Braking Issue, Promises Fix
Tesla Inc’s Chief Executive Officer Elon Musk admitted on...
Prices have been jacked up by car dealers and some makers by 6-22% only in the past few weeks.
Authorities are set to ratify new car prices for models...

Add new comment

Read our comment policy before posting your viewpoints