Iran looks to have mobile banking enabled for all banking services

By  Trend

Iran hopes to enable mobile banking for all banking services in the near future, according to the CEO of Iran Electronic Banking Promotion and Education Center (FABA).

"Currently most banking services are available on mobile devices. MPOS (mobile point of sale) is available. And in the near future, all financial services will be available on smartphones," Mohammad Morad Bayat told Trend October 25.

Bayat also expressed hope that regulations also come to help materialize the plan as soon as possible.

He said that Iranian people conduct 1.5 billion banking transactions each month, pointing to the need to improve infrastructure on pace with the demand.

Bayat said FABA attaches specific significance to startup companies in the banking and IT sectors in order to develop e-banking infrastructure via domestic knowhow.

He said according to Iran's 2025 development plan, the country should be among the top regional countries in e-banking as in many other economic sectors.

Most of the transfers in online banking in Iran go through some of the large volume interbank money transferring systems such as PAYA and SATNA all within the Shetab network. Shaparak is also responsible for payments in e-commerce. SATNA (Real-time gross settlement system) is the settling system used for large volume transfers.

Insurance companies in Iran are also in the process of making a unified integrated information system for Iran’s insurance industry, Iran’s banking system could also privilege of such a concept.