Qi Card
Electronic payment system based in Iraq
From Wikipedia, the free encyclopedia
Qi Card (Arabic: كي كارد), also officially known as International Smart Card (ISC),[1] is recognized as a leading electronic payment system and FinTech company in Iraq.[2] It is pronounced as 'key', and it is the reversed form of IQ, the ISO 3166 code for Iraq. Founded in 2007, Qi Card holds the distinction of being the first electronic payment company established in Iraq[3][4]. The company's primary objective upon establishment was to revolutionize Iraq’s financial landscape by addressing the significant reliance on cash transactions[5] and playing a pivotal role in propelling financial inclusion in the region.[6][7]
| Company type | Public–private partnership (PPP) |
|---|---|
| Industry | Financial services |
| Founded | 2007 |
| Headquarters | Baghdad, Iraq Dubai, UAE |
Area served | Worldwide |
Key people |
|
| Services | |
| Revenue |  US$1.2 billion (2021) |
| US$1.4 billion (2022) | |
| US$1.8 billion (2022) | |
| Total assets | US$5.7 billion (2022) |
| Total equity | US$6.2 billion (2022) |
Number of employees | 3500 (2022) |
| Website | qi |
History
The International Smart Card (ISC) Group was established in 2007 by the Iraqi businessman Bahaa Abdul Hussein Abdul Hadi. Bahaa Abdul Hadi was born in 1969 and obtained a degree in Architecture from the University of Baghdad in 1991[8]. His entrepreneurial vision was centered on countering the challenge of heavy cash reliance and connecting the unbanked majority of the population with modern financial systems.
Qi Card operates as a public-private partnership (mixed sector company).[9][10] It was established as a joint venture involving the private sector (represented by the Iraqi Electronic Payment Systems Company) and the governmental sector, which includes the country's largest bank, Al-Rafidain Bank.[11] The foundational structure also incorporates Al-Rasheed Bank and the Iraqi Electronic Payment System (IEPS)[12][13].
The company commenced operations with the core service of salary domiciliation (localization) for government employees and pensioners. This service subsequently evolved into a broad national project that fundamentally altered the nature of financial transactions throughout the country.[14][15][16][17][18]
Qi Card has rapidly grown to become Iraq’s default national debit/credit card, influencing the financial behavior of millions. The company is currently considered the largest issuer and acquirer of electronic cards in Iraq, with over 12 million electronic cards issued[19][20]. In 2020 alone, the ISC Group issued more than 7 million cards and processed over $34 billion in transactions [21][22]
Expansion and statistics
The company is currently considered the largest issuer and acquirer of electronic payment cards in the country.[3]
Qi Card’s operations highlight the rapid shift towards digital finance in Iraq:
- User Base: The number of electronic payment cards issued across Iraq has surpassed 12 million[19], with Qi Card reporting over 10 million cardholders.[23]
- Transaction Volume: In 2020 alone, the ISC Group issued over 7 million cards and processed transactions valued at more than $34 billion USD.[24]
- Coverage Network: The company established an extensive distribution network that extends services into rural areas and villages.[20][25]
- Card Production: Qi Card is the only company that prints its payment cards inside Iraq,[19] a factor cited for enhancing security and providing a significant sovereign advantage.[19]
- International Acceptance: Qi Card’s services and cards function both inside and outside Iraq.[25][26]
Awards and recognition
Qi Card has received significant international recognition for its pioneering role and innovative financial technology solutions within Iraq:
- Pan Finance Awards (2023): The company was honored by Pan Finance in 2023 with two esteemed international awards: the Most Innovative Card in Iraq and Best Company in Financial Technology.[2]
- LEAP Award (2025): In recognition of its dedication to user experience, Qi Card was the recipient of the LEAP award in March 2025 for its concerted efforts in developing customer service.[27][28]
