Economy, Business And Markets

E-Wallets to Be Released Soon

E-Wallets to Be Released SoonE-Wallets to Be Released Soon

Regulations for issuing electronic wallets will be ready by the end of the current fiscal year (ending March, 21), said a senior banking official, paving the way for the transformation of Iran’s banking.

The bylaw for the electronic wallet KIPA has been revised and new instructions for its use have been prepared based on a series of surveys, Nasser Hakimi, Central Bank of Iran’s (CBI) head of communication and information technology, said on Tuesday.

“Although the companies offering e-wallet services and the market are eager for the technology to be presented as soon as possible,” the CBI refuses to sacrifice quality for the sake of speed; Hakimi told Tasnim news agency.

It was announced earlier that SEPAS, a new mobile payment system, was ready to be released but needed money for running. The mobile telecommunication system of Iran announced they were willing to fund the project. But a deal was never sealed.

Although the system is ready and has been piloted for a year, the process has dragged out since policy making and market introduction requires time. He predicted that final touches will be done before March 21.