The Central Bank of Iran reportedly is developing a contactless payment system using near-field communication (NFC) technology that will allow customers to make retail payments using mobile phones. Among the goals of the effort is to reduce: (1) costs for banks and their customers; (2) the use of payment cards, which are generally imported; and (3) the risk of transmitting COVID-19. One challenge will be retailers having to upgrade their point-of-sale terminals to use the new service.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Press TV article
https://www.presstv.com/Detail/2021/02/06/644688/Iran-central-bank-contactless-payment-system
Central Bank of Iran homepage
https://www.cbi.ir/
Cental Bank of Iran Governor Abdolnaser Hemmati Instagram page
https://www.instagram.com/abdolnaser_hemmati/
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