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Qi Card reaches milestone: Surpasses 12 million users for financial services

Founded in 2007, Qi Card has transformed from a local payment card provider into a comprehensive financial service platform

Photo courtesy of Qi Card
Photo courtesy of Qi Card

Opinions expressed by Digital Journal contributors are their own.

In a significant milestone, Qi Card, Iraq’s pioneering fintech service, now supports over 12 million users, highlighting the region’s growing trust and reliance on digital financial services. This substantial user base includes government employees, pensioners, private sector workers, and displaced migrants who benefit from Qi Card’s financial services.

Founded in 2007, Qi Card has transformed from a local payment card provider into a comprehensive financial service platform, offering everything from salary distribution to advanced biometric security systems. The integration of services such as Western Union and partnerships with global entities like Alipay through the superQi app, has notably expanded its reach and functionality.

Revolutionizing financial transactions

At the core of Qi Card’s growth is its approach to secure, accessible financial transactions. “Our mission has always been clear: to provide secure, comprehensive financial services accessible to every Iraqi,” says Bahaa Abdul Hadi, founder of Qi Card. This mission has led to developing cutting-edge technologies, including a multi-biometric identification system that reduces the risk of fraud and theft.

Qi Card’s role in distributing salaries for government ministries and its functionality in facilitating a wide range of e-commerce transactions have been pivotal. Since 2018, Qi Card has disbursed over $4 billion in loans to more than 800,000 citizens, which speaks to its substantial impact on financial inclusion in Iraq.

Expanding financial inclusion

The strategic expansion of services, especially in collaboration with Asiacell and Digital Zone, has been vital to broadening the scope of financial inclusion. The introduction of the superQi app, in partnership with Alipay, has allowed Qi Card to set a new standard in the region’s fintech sector, combining payment acceptance with extensive e-commerce capabilities.

“We are a technology company that empowers millions with real-time financial solutions,” Bahaa remarks on the evolution of Qi Card’s services. This evolution reflects a turn toward integrating digital technology into everyday financial activities, making essential financial services more accessible to the Iraqi population.

Impact and future directions

The impact of Qi Card on Iraq’s economic industry extends well beyond facilitating individual financial transactions. Qi Card plays a vital role in enhancing financial inclusion by providing secure and efficient mechanisms for transferring and managing money. This is particularly significant in Iraq, where access to traditional banking services is limited for a large segment of the population. 

In the future, Qi Card aims to use technology further to enhance user experience and expand services, ensuring that financial tools and services grow in tandem with user needs and technological advancements.

As Iraq continues to navigate its post-conflict economic reconstruction, companies like Qi Card are crucial in laying the foundation for a robust digital economy. With a solid user base and continuous technological advancements, Qi Card drives Iraq toward a more inclusive financial future.

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