Iraq-based International Network for Cards and Digital Payment Services (INC Iraq) and a Lebanese fintech startup NymCard that is digitizing how payments cards are issued, delivered, and used, in collaboration with Visa have launched the first digital-only (prepaid) payment card ‘Neo‘ in Iraq to serve the underbanked Iraqi population, the two companies announced in a joint-statement to MENAbytes.
The virtual card that can be requested through Neo’s mobile app within seconds will enable users to make online purchases on both local and international websites. The entire KYC process is digital. Neo’s mobile application (available for both iOS and Android) comes with a mobile wallet that allows users to keep an eye on their expenses.
The users can recharge their topup their Neo wallet through INC Iraq’s network of offline agents and then add the money from wallet to their card. A company representative, speaking to MENAbytes, said that INC plans to have 2,500 agents in its network within 12 months.