Iraq Wallet, in partnership with Zain, launches online and mobile pay apps
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. The 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 sold online across Iraq.
“E-commerce in the Middle East and Africa region is expected to grow to $200 billion by 2020,” Iraq Wallet’s managing director, Yazen Al-Timimi, said. “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.”
“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,” Al-Timimi said.
Iraq Wallet introduced the 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, and purchase digital goods and products online, among other services.
In Iraq, Zain ended the second quarter with 11.2 million subscribers, and ended June with a market share of 38%
Zain Saudi Arabia secures $600M loan to repay previous borrowings
In related news, Zain Saudi Arabia has inked a long-term commercial borrowing facility worth 2.25 billion riyals ($600 million) with a two-year tenor that is extendable by one additional year.
The new facility agreement signed with the Industrial and Commercial Bank of China will replace an existing syndicated facility, and the proceeds will be used to repay a commercial loan signed in June.
The new borrowing facility has improved terms and will reduce financing cost by approximately 175 million riyals 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.
