Mobile Wallets & Stored Value Accounts
Mobile wallets and stored value products allow users to hold, transfer, and spend funds electronically without relying on traditional bank accounts. These services have become an important tool for financial inclusion and digital payment adoption in Iraq. Stored value models require safeguards for customer balances, cybersecurity controls, and compliance with AML standards due to the risks associated with digital cash equivalents.
Service Features
- Electronic value storage
- Peer-to-peer transfers
- Merchant payments
- Bill and utility payments
- Government disbursements (where applicable)
Operational Requirements
- Secure wallet issuance and account setup
- Transaction and balance limits to manage risk
- Integration with settlement channels for wallet funds
CBI compliance
- Protect stored balances and customer funds
- Enforce transaction and wallet limits
- Maintain KYC for wallet users
- Monitor transactions for unusual activity
- Ensure redemption and refund mechanisms
How Etihad Can Assist
Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.