Visa is the first credit card in Iraq

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Mogul of Pineapples
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Visa is the first credit card in Iraq

Postby Mogul of Pineapples » Sun Sep 07, 2008 1:06 am

I just read an interesting blurb about Visa. They proved they are really "everywhere you want to be" when they opened for business in Iraq in 2003 after the fall of Saddam. This made Visa the first credit card company to process payments in Iraq since economic sanctions were imposed. When Saddam ruled credit cards were not allowed there. As of last year it said 15,000 cards were issued so far by the Trade Bank of Iraq. Since the people there don't have credit history they start off with a pre-paid card and eventually build up to credit.

This is a country that previously was entirely cash based and a banking system that would fit in 50 years ago instead of today. I wonder what it will be like for credit cards and banking in general 10 years from now.

In downtown Baghdad now there is a massive billboard on a street corner with the word "VISA" plastered on it. I attached a picture for you to see.
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Postby Cucumber » Sun Sep 07, 2008 12:30 pm

That's cool. You know I was really against the war but my friend has family that still lives in Iraq and they are telling him it is better than Saddam. I thought all the bad stuff said in the media about him was sensationalized and he wasn't that bad but it sounds like he really was everything they say. More than once he had signed orders to prep his army to wipe out Israel. First time was during the first war there but we stopped him in time. Second time was in 2003 but he had to use all his forces to defend instead.

Sorry to go OT there but back to what you were saying about Visa in Iraq that's awesome and I think we will see explosive growth in other countries too in the near future. Even if people don't want to use credit, debit cards are easier and safer.

ps - That ad is hilarious. Like most foreign ads it's so primitive looking or maybe its we are used to and expect over elaborate ads here in America.
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and the other countries?

Postby 010101 » Tue Sep 09, 2008 12:53 am

how about the other middle easter countries... iran, saudi arabia, syria and so on. how about they are people there using credit cards or not? if you said they were banned in iraq i would think they wouldnt be allowed in iran or syria either.

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Postby Mogul of Pineapples » Tue Sep 09, 2008 4:47 pm

I don't know about the other countries but I remember it saying something like half of the people in Saudi Arabia have some kind of card, debit or credit. I can't image Syria and Iran have widespread use of cards yet.

I cracked up when I first saw the Iraqi Visa ad. It's not just there though have noticed how advertisements and commercials everywhere else in the world aren't quite.... what's the word.... advanced as the ones we make here. I think it's because we're so used to being on the cutting edge of entertainment here that we all expect the latest commercials. It's kind of stupid when you think about it.
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Postby 010101 » Wed Sep 10, 2008 7:36 pm

alright then i looked up syria credit cards and this is what i found from 2007

Visa International joined forces with Bank Audi Syria in an unprecedented iniative to launch the first international credit card in Syria. The new Visa Gold card will be in U.S. dollars.


it was a press release and it also said that this is the first international card but there were local credit cards before that that weren't done with any major issuer.

it's kind of disappointing to hear i don't think we should be doing business with evil countries like syria

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Postby AnthonyBarone » Thu Sep 11, 2008 10:33 am

I hear a lot of good things going on in that neck of the woods now that Saddam is gone. Everyone else says scale back the war I say we shoot some cruise missiles over to these countries that hate us and smoke em out once and for all.

Today is 9/11. May they rest in peace.

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Postby Cucumber » Tue Sep 16, 2008 2:09 am

Shoot some cruise missiles and smoke 'em on out, huh? You're starting to sound like W. Bush :eek: :eek: :eek:

This got me thinking, how about South America and Africa? What is the credit card usage like in the countries there? I would imagine Africa is almost zilch and South America is close to that except for the major cities in Brazil, Argentina, etc.

For real though I would like to know about Africa..... they can't be common at all over there?
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Postby Floppster » Sun Oct 05, 2008 8:19 am

010101 wrote:how about the other middle easter countries... iran, saudi arabia, syria and so on. how about they are people there using credit cards or not? if you said they were banned in iraq i would think they wouldnt be allowed in iran or syria either.


Iran as well as Saudi Arabia has quite some wealth going on, if you like it or not. So you can be sure that there are enough people having CC's. They may or may not be issued by a local bank or any other big bank outside of the asian continent.


AnthonyBarone wrote:I hear a lot of good things going on in that neck of the woods now that Saddam is gone. Everyone else says scale back the war I say we shoot some cruise missiles over to these countries that hate us and smoke em out once and for all.


:confused:

Cucumber wrote:This got me thinking, how about South America and Africa? What is the credit card usage like in the countries there? I would imagine Africa is almost zilch and South America is close to that except for the major cities in Brazil, Argentina, etc.

For real though I would like to know about Africa..... they can't be common at all over there?


You can get CC's in Africa as well. Since Africa is a continent it may not offer CC's in every Country but they are offering it in quite a few. Also concerning to all the Fraud news we get from Nigeria I shall presume that they have quite some credit card usage going on in at least some of the African Countries.
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Postby Mogul of Pineapples » Tue Oct 07, 2008 3:18 am

Calm down Anthony.

I'm reading a piece of credit card usage in Korea. This year so far they've spent $236 billion in US dollars on credit cards and works out to be over 54% of all private spending in the country. That beats the US!
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Postby fantasy86dj » Thu Apr 29, 2010 8:24 pm

Wow, I have heard it all now. :eek: :eek:



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