Visa, the world leader in payments technology, Blue Pay, a leading financial technology company in Iraq, and Wayl, a prominent e-commerce platform for Iraq and the MiddleEast markets, have announced a Memorandum of Understanding (MOU) to collaborate on advancing digital payments in the Iraqi market.
The partnership aims to increase merchant acquiring and consumer digital payments through the adoption of the Payments Facilitator Model and the introduction of Wayl x Blue co-branded products, such as Merchant Corporate Cards.
The collaboration will enable the rollout of Wayl as the first Payment Facilitator in the Iraqi market under Blue Pay as an acquirer. The parties will also work together to integrate Blue Pay's Cybersource Gateway into Wayl's website and explore the issuance of a co-branded Visa Prepaid Card – Wayl x Blue Pay – as a corporate prepaid card for Wayl merchants.
The MOU signifies a shared commitment among Visa, Blue Pay, and Wayl to promote financial inclusion and enhance the digital payments landscape in Iraq.
Leila Serhan , Senior Vice President and Group Country Manager, North Africa, Levant and Pakistan,Visa, said: " As Iraq's economy continues to grow, the need for a robust and reliable digital payments infrastructure becomes increasingly important. Visa recognizes this need and is committed to playing a leading role in driving the digitization of payments in Iraq. We are excited to collaborate with Blue Pay and Wayl to accelerate digital payments and foster financial inclusion in Iraq. This partnership is an important step towards establishing a modern, secure, and seamless e-payment system that matches international standards and benefits consumers, businesses, and the economy."
Ali Al-Saeed , Founder & CEO, Blue Pay, added: "Innovation by young Iraqis is the heart of BluePay. Therefore working together with Visa to enable Wayl is a natural action to do. We do believe that this partnership will help Wayl empower thousands of merchants to kick-off their e-payment experience that leads to a better financial inclusion in the country. Our team is dedicated to making this a success. As we move forward with our strategy to support and empower more startups directly and indirectly involved in the FinTech realm."
Ali M. Ismail, Founder and CEO, Wayl, commented: "Wayl is dedicated to transforming social media merchants into real businesses by simplifying online payments and helping them manage their orders, inventories, and customer relationships. Our partnership with Visa and Blue Pay will empower merchants and enhance the e-commerce ecosystem in Iraq and the Middle East."
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