Thursday, November 30, 2023

Iran Planning to Replace POS Terminals with Smartphone Payment System

The Central Bank of Iran (CBI) will soon unveil a project whereby customers will use their mobile phones for shopping at stores instead of making payments via POS machines.

CBI Governor Abdolnasser Hemmati said the move is aimed at phasing out the use of bank and facilitating e-payments.

“This method of payment is compatible with valid international standards and makes it possible, in a very secure manner, for customers to put the data of their bank cards into their mobile phones and make payments without using POS machines,” he said.

“Using mobile phones to make payments while shopping can not only facilitate payment for users, but also help observe health protocols at a time of the coronavirus outbreak,” he added.

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